Which of the following best defines quantity supplied?
a. the amount of a good sellers would choose to produce, in a given set of circumstances
b. the amount of a good sellers will be able to sell, in a given set of circumstances
c. the various amounts of a good sellers would like to sell over various sets of circumstances
d. the amount of a good sellers would like to sell if they could choose the price for which it sold
e. the amount of a good that sellers would be able to sell if they could choose the price for which it sold
A
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Which of the following is a liability of the Federal Reserve?
A) currency B) mortgage-backed securities C) U.S. government securities D) U.S. coins
Mel's utility of wealth is 130 units at $3,000, 160 units at $5,000, and 190 units at $9,000. Starting from zero wealth, he must choose between options A and B
Option A gives him $5,000 for sure. Option B gives him $3,000 with probability 0.4 or $9,000 with probability 0.6. Mel A) will choose A. B) will choose B. C) is indifferent between A and B. D) needs more information to make a choice.