Assignment 2 (Ch 1&2; LS 1&31)

If cost of factor of production falls, what happens to marginal cost curve (MC)

MC curve slopes

MB curve slopes

the opportunity cost of a city block being used as a parking lot is

Satisfaction from consuming goods or services is

utility refers to

Economic resources are:

Resources are classified as

three basic functions of money

in runaway inflation

two components of the M1 money supply

largest component of M1

Component of M1 that is legal tender

What near monies are included in the M2 money supply?

what percent of the M1 money supply is currency?

There is no concrete backing to the money supply in the US T or F

Who is responsible for maintaining moneys purchasing power?

The purchasing power of money is inversely related to

The chairperson of the Federal Reserve Board is selected by the

The federal reserve board of governors does what?

The FOMC includes

Who has a permanent seat on the FOMC?

The FOMC does what

Other than its main role of controlling the supply of money, the functions of the Federal Reserve include

Mortgage backed securities were one of the factors that exacerbated the financial crisis of 2007-2008 because they

American International Group (AIG) exacerbated the financial crises of 2007-2008 by

Taking out cash from a checking account causes M1 to

Taking more risks when you know you're insured is known as