The income of the middle person in an income distribution is called the
A) mean income.
B) average income.
C) median income.
D) per capita income.
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Ordinarily the Fed lends money only to banks, but during the Great Recession of 2007-2009 the Fed extended its lender-of-last-resort role to other financial institutions. These institutions included
A) securities dealers.
B) investment banks.
C) high-quality corporations.
D) all of the above
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A barter economy refers to a situation in which goods and services are traded for other goods and services, with no money involved in transactions. The major shortcoming of a barter economy is
A) transactions cannot take place without money.
B) the requirement of a double coincidence of wants.
C) government has no way of collecting taxes.
D) goods and services have no way of storing value.
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According to the Bureau of Labor Statistics, a person who is self-employed is considered
A) unemployed.
B) employed.
C) not in the labor force.
D) a discouraged worker.
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Macroeconomics, as opposed to microeconomics, includes the study of what determines the level of
A) employment in a specific industry.
B) employment in the economy.
C) output of a specific firm.
D) output of a specific industry.
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Thomas Schelling's most notable work dealt with ________, which lead to his advising role for the film Dr. Strangelove.
A) neighborhood segregation
B) nuclear annihilation
C) medical malpractice
D) psychotherapy
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In the United States, government spending (federal, state, and local) on health care services accounts for ________ of all health care spending.
A) 7%
B) 47.3%
C) 52.7%
D) 84.4%
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A voting procedure in which the winner must defeat each of the other alternatives in head-to-head contests is known as the
A) Borda-count method.
B) Condorcet method.
C) instant runoff method.
D) plurality-rule method
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Jeremiah is not a fan of the ballet, but he believes that his friends all enjoy the cultural experience that ballet brings and he does not want to appear unsophisticated. Unbeknownst to Jeremiah, all of his friends share the same opinion of the ballet as he does, and none of them want to appear unsophisticated to the rest of the group. This results in the entire group of friends attending a production of Swan Lake, a production none of the friends actually had any desire to attend. This is an example of
A) diffusion of responsibility.
B) dysfunctional family syndrome.
C) pluralistic ignorance.
D) a prisoner's dilemma.
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If the government seizes Lucy's property and resells it to Ethel,
A) Lucy and Ethel collectively capture the resulting gains.
B) Lucy captures the resulting gains.
C) Ethel captures the resulting gains.
D) Neither Lucy nor Ethel capture any resulting gains.
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