In the modern U.S. economy, the typical unemployed person stays unemployed for
A) a relatively long time, over a year.
B) a relatively short time, less than six months.
C) a long time during expansions and a short time during recessions.
D) an amount of time that is hard to quantify.
Answer: B
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Suppose the cost to Tim of a third glass of soda is zero because he's at a restaurant that gives free refills. According to the Cost-Benefit Principle Tim should:
A. drink a third glass of soda. B. drink a third glass of soda if the benefit of doing so is positive. C. not drink a third glass of soda. D. drink a third glass of soda if his benefit from drinking his second glass of soda was positive.
If the Fed buys government securities from the non-bank public, then
A) reserves at banks decrease. B) deposits at banks increase and banks' reserves increase. C) deposits at banks increase and banks' reserves decrease. D) loans at banks decrease. E) deposits at banks decrease and banks' reserves increase.
If Johnny weren't in economics class this morning, he'd be sleeping. The value Johnny places on sleeping represents his:
A. marginal benefit. B. incentives. C. sunk cost. D. opportunity cost.
To provide an incentive for villagers to repay loans, in the text Muhammad Yunus:
A. forced villagers to offer collateral for loans. B. made loans using group responsibility. C. threatened to call the borrower's mother. D. would increase interest rates by 1 percentage point after each late payment.