Which of the following is most consistent with economizing behavior?
a. If you get the same satisfaction from a hamburger and a fish sandwich, you should purchase the one that costs the most.
b. Even if you know how to paint, hiring someone to do the job is consistent with economizing behavior, if your opportunity cost is high enough.
c. If the government provides a good free to citizens, the opportunity cost of the good is zero.
d. If you get the same satisfaction from going to the opera and going to an art museum, it makes no difference which you choose.
B
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When the government establishes a minimum price for an agricultural product above the equilibrium price, the government is creating a(n)
A) price ceiling. B) elevated price. C) price floor. D) surplus price.
The Federal Reserve Bank is the U.S. central bank:
A. who holds, in reserve, all financial assets of banks. B. who holds, in reserve, all financial liabilities of banks. C. whose assets serve as cash in the United States. D. whose liabilities serve as cash in the United States.