Loans by the Federal Reserve to banks are known as
A) repurchase agreements.
B) Federal funds.
C) discount loans.
D) cash items in the process of collection.
C
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The short-run supply curve of the perfectly competitive industry is found by summing the
A. AC curves of the individual firms in the industry. B. AVC curves of the individual firms in the industry. C. MC curves above AVC of the individual firms in the industry. D. There is no short-run supply curve in a competitive industry.
One disadvantage of discretionary fiscal policy is that it can return the economy to its potential level of output, but at the cost of increasing the price level
a. True b. False Indicate whether the statement is true or false
Nonrivalry in consumption and the inability to exclude nonpaying consumers from using the goods are characteristics of what kinds of goods?
a. durable b. nondurable c. public d. private
In 2011, the average income for households in the United States was about:
A. $69,821. B. $42,820. C. $56,610. D. $64,842.