Which of the following products is most likely to be produced by a perfectly competitive firm?

Which of the following tools is NOT a policy tool of the Fed?

A) last resort loans B) the tax rate on interest income C) the reserve ratio D) open market operations

Choosing to study for an exam until the extra benefit (e.g., improved score) equals the extra cost (e.g., the value of foregone activities) is:

A. an application of the Scarcity Principle. B. not an economic choice. C. not rational because it ignores the importance of total benefits and total costs. D. an application of the Cost-Benefit Principle.