In the market for money, the behavior of savers is represented by the
A. supply curve.
B. demand curve.
C. a combination of the supply and demand curves.
D. neither the supply curve nor the demand curve.
Answer: A
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The following is NOT an example of a potential monitoring solution to moral hazard
a. blocking social network sites on company computers b. closed circuit TVs throughout a warehouse c. GPS tracking devices in repair trucks d. requiring physicians to be 'board certified'
Rational choice requires that opportunity cost be
A. ignored in making a decision. B. considered for individual choices but not for societal choices. C. computed but not actually used in making a decision. D. considered as part of making a decision. E. used as the sole decision criterion.
Tariffs are more likely to be imposed when
A. the number of people who are hurt by protectionist measures exceeds the number of people who gain from protectionist measures. B. the lobbying efforts of consumer advocacy groups are much stronger than those of the producers. C. the average gain per proponent far exceeds the average cost per opponent. D. import-competing producers are unorganized.
The macro consequence of unemployment is
A. A leftward shift in the production possibilities curve. B. Lost output for the economy. C. Lost income for the individual worker. D. A 1 percent decrease in GDP for every 1 percent decrease in unemployment.