Recall the Application about the effectiveness of committees in making decisions about monetary policy to answer the following question(s). Recall the Application. The experiment conducted by Blinder showed that the actual process of having committee meetings and discussions:
A. tended to polarize the group into two distinct factions.
B. improved the group's overall performance.
C. magnified the individual group members' differences.
D. related to the average performance of the individual group members.
Answer: B
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Continuing with the same family from the preceding question, suppose a risk neutral insurance company exists to provide vacation insurance. Suppose further that each vacation day requires a constant expenditure, and this expenditure is standard across everybody. This allows us to simplify the problem by considering all payments to be in terms of vacation days. What is the least the insurance
company would charge (in terms of vacation days)? a. 1 b. 2 c. 3 d. 4
If an economy is producing at a point on the production possibilities curve it represents: a. full employment of existing resources. b. the gains from trade that an economy can enjoy
c. the maximum amount of two goods that can be produced with existing resources. d. decreasing opportunity costs of producing both goods. e. overutilization of existing resources.