Member banks of the Federal Reserve System
a. advise the Fed on monetary policy.
b. are immune from the effects of monetary policy.
c. vote on members of the Board of Governors.
d. have little control over the system they "own."
d
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Price leadership is when one firm sets price for the industry and the others follow.
Answer the following statement true (T) or false (F)
A typical corn farmer won't use cost-plus-markup pricing because
A) his costs are low enough. B) he isn't interested in maximizing net revenue. C) he strives for markdown pricing, not markup pricing. D) he has no control over the market price of corn.
The demand schedule for a product shows the relationship between how much of the product buyers are willing and able to buy and the
A. cost of producing the product. B. time period, say, from one month to the next. C. buyers' incomes. D. product's price.
The greatest number of people who live on $1.90 a day live in:
A. China. B. sub-Saharan Africa. C. South Asia. D. None of these is true.