The 3 key economic questions include all of the following except:
A. "what products do we produce?"
B. "how do we produce these products?"
C. "where should these products be produced?"
D. "who consumes the products?"
Answer: C
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One consequence of rent ceilings set below the equilibrium rent is that
A) a surplus of housing units develops. B) renters are no longer exploited by landlords. C) it makes the long-run housing supply more elastic. D) search costs for housing increase.
The Federal Reserve responded to the 2008 financial crisis in several ways. Which of the following is one of the ways the Fed responded?
A) The Fed helped Citibank to acquire General Motors and Chrysler. B) The Fed lowered the required reserve ratio on demand deposit accounts in order to increase the amount of bank reserves. C) The Fed banned investment banks from obtaining discount loans. D) The Fed lent investment banks Treasury securities in exchange for mortgage-backed securities.