The Federal Reserve System is organized into
A) one large district covering the entire United States.
B) three districts, one for each of the countries in North America.
C) 12 districts, dividing up the countries in North America.
D) 50 districts, one per state.
E) 12 districts, dividing up the United States.
E
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If the marginal propensity to save (MPS) increases, the multiplier
A) decreases. B) can either increase or decrease, depending on what happens to the marginal propensity to consume (MPC). C) increases. D) stays the same.
How might openness to the global economy influence the debate between policy activists and nonactivists?
What will be an ideal response?
Economic regulation occurs when
a. monopoly is the optimal market structure b. the industry is highly competitive c. the product is important to economic welfare d. the government owns the assets of the industry e. the product price, if left unregulated, would be too low
Because of price controls in the former Soviet Union, people often waited in long lines for food and other necessities. Modern economic theory would indicate that, relative to price rationing, waiting in line is
a. just as efficient. b. less efficient because the time spent waiting in line imposes an opportunity cost on the buyer that does not generate revenue for the seller. c. more efficient since waiting in line reduces the transaction costs of purchasing goods. d. more efficient since waiting in line reduces the cost of the goods to the consumer.