The Federal Open Market Committee:
A. is responsible for monitoring how goods and services are being sold on the open market.
B. is responsible for regulatory oversight and implementation of monetary policy of regional banks.
C. is the most important policy-making body of the Federal Reserve.
D. includes all regional bank presidents and the Board of Governors.
Answer: C
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Because collective action problems are ________ to solve, society often ________
A) relatively easy; handles the problems itself B) relatively easy; ignores the problems C) impossible; chooses to live with the problems D) difficult; requests help from the government
As a rule, as a consumer acquires more and more of a good, the marginal utility declines.
Answer the following statement true (T) or false (F)
Graphically, to find the profit-maximizing price for a monopoly, find the output level where MC = MR and draw a line from that output level vertically to the demand curve
Indicate whether the statement is true or false
In the absence of externalities, which of the following is true of economic efficiency?
a. It occurs where marginal costs of production equal marginal benefits of consumption. b. It occurs where quantity supplied is equal to quantity demanded. c. It maximizes the total net benefits to consumers and producers. d. All of the above. e. None of the above.