The Federal Reserve System is controlled by the
a. U.S. Department of the Treasury.
b. House of Representatives and the Senate.
c. Board of Governors.
d. President of the United States.
c
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The law of diminishing marginal utility may be illustrated by a person
a. buying additional goods after getting a pay raise b. eating more twinkies but enjoying them less c. giving some of income to a needy person d. who spends more hours studying than do his fellow students e. buying goods so long as their marginal utility is greater than zero
Governments can impede economic growth for many reasons. Which of the following is not a major reason?
a. Government borrowing can crowd out private investment. b. High taxes can reduce consumption & investment, and they can reduce the incentive to work. c. Government projects may have relatively low marginal returns. d. Governments may spend more than they earn in tax revenues. e. Regulation may damage production incentives.
Workers in industries protected by tariffs and quotas are likely to support these trade restrictions because
A) they do not want to offend their employers who want them. B) politicians lobby to convince workers the restrictions will make them better off. C) they believe the restrictions will protect their jobs. D) they don't understand that the restrictions will threaten their jobs.
The above table shows marginal costs and marginal benefits of clean air in a particular industrial area. In the table, when the quantity of clean air is at 25 percent
A. the marginal benefit of clean air exceeds the marginal cost. B. the quantity of clean air is optimal. C. the quantity of polluted air is 25 percent. D. the marginal benefit of clean air is less than the marginal cost.