Members of the Board of Governors are
a. appointed by Congress.
b. selected by the U.S. president.
c. elected by member banks.
d. selected by the U.S. Treasury Department.
b. selected by the U.S. president.
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The authors of the textbook would not want to say you were "littering" when you toss your peanut shells under your seat at a major league baseball game because
A) peanut shells are biodegradable. B) someone is going to clean up after you. C) the games are played outside. D) the stadium is public property and public property is no one's property. E) the people in charge of putting on the game don't mind at all.
Would the services supplied by prostitutes and brothels be included in calculating GDP in the United States?
A) Yes, because those are final services. B) Yes, but only in those states where brothels are legal. C) No, because those services are immoral. D) No, because those are not truly economic services.
The HeckscherOhlin model assumes that production techniques within a nation use the factors of production:
a. at different intensities depending on changing technology and which nation you are discussing. b. at different intensities for each industry, so that one is more or less intensive in that factor than the other. c. at the same intensity for each industry—for example, the ratio of capital to labor is the same for every industry in the nation. d. in no definite pattern.
Refer to the data. Average product is at a maximum when:
Answer the question on the basis of the following output data for a firm. Assume that the amounts of all nonlabor resources are fixed.
A. five workers are hired.
B. four workers are hired.
C. three workers are hired.
D. two workers are hired.