The Federal Reserve Board of Governors has:
A. Seven members appointed by the president of the United States.
B. Fourteen members appointed for seven-year terms by the president of the United States.
C. Seven members elected by U.S. citizens.
D. Fourteen members selected by the U.S. Senate.
A. Seven members appointed by the president of the United States.
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If a 4 percent change in the price of a good leads to a 3 percent change in quantity demanded, the price elasticity of demand equals
A) 1.33. B) 0.75. C) 4.00. D) 3.44. E) None of the above answers is correct.
Suppose that you face a gamble that has a payoff of $1000 with probability 0.2 and a payoff of $200 with probability 0.8. I approach you to sell you insurance with a premium of p and a benefit of b. Which combinations of p and b are actuarily fair?
A. p=8, b=10 B. p=400, b=500 C. p=720, b=900 D. (a) and (b) are actuarily fair E. (a) and (c) are actuarily fair F. (b) and (c) are actuarily fair G. All of the above. H. None of the above.
Economics is most precisely defined as
A) a study of what people need to survive. B) a study of how culture evolves in different geographic areas. C) the same as the study of finance and management. D) the study of how people make choices.
Give a few examples of how sectoral shifts temporarily cause unemployment