From time to time, the Federal Reserve buys back government bonds from the private sector through a process called
A) voluntary redemption procedures. B) backflip bond investments.
C) open market purchases. D) bond recall procedures.
C
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Suppose that today the market for lima beans is in equilibrium. Tomorrow both the supply and demand curves for lima beans will shift to the left. As a result, the equilibrium price __________ and the equilibrium quantity will __________
a. will fall; fall b. will fall; rise c. will rise; fall d. cannot be determined; fall e. cannot be determined; rise
The case for income inequality is supported by which of the following arguments?
a. personal misfortune is a random event b. Lerner's maximum utility argument c. economic efficiency d. Marx's position that private property is theft e. the Chinese divide-and-choose method of property division