Question 1

With ATMs it is possible to retrieve cash from the bank at any time.One hundred years ago,one could only get cash from the bank during business hours,say,9 am to 3 pm.The difference is because
A) flexibility was not valued 100 years ago.
B) it was impossible to provide 24 hour a day service 100 years ago.
C) the cost of providing 24 hour a day service is much lower today.
D) government forced banks to become more convenient.
E) the value of money has increased in the past century.

Accepted Answer

The cost of technology and infrastructure needed to provide 24-hour service has decreased significantly, making it feasible for banks to offer ATM services around the clock.

Question 2

Every time you go to the grocery store,you try to choose the shortest line.But all of the lines always seem to be the same length.Why?
A) Everyone else is trying to choose the shortest line,too.
B) The store manager tells the cashiers to speed up or slow down to maintain equal line lengths.
C) The union tells the cashiers to speed up or slow down to maintain equal line lengths.
D) The cashiers all work at the same speed.
E) The cashiers do not have an incentive to work faster,

Accepted Answer

If everyone is trying to choose the shortest line, then all the lines will eventually become the same length as people keep switching to whatever line seems to be moving faster at the moment. This is a common phenomenon observed in places like amusement parks, airports, and other crowded places where people have to wait in line.

Quiz 1: Measuring Macroeconomic Performance: Output and Prices

With ATMs it is possible to retrieve cash from the bank at any time.One hundred years ago,one could only get cash from the bank during business hours,say,9 am to 3 pm.The difference is because

Every time you go to the grocery store,you try to choose the shortest line.But all of the lines always seem to be the same length.Why?