The interest rate the Federal Reserve charges commercial banks to borrow reserves is called the ________ rate.
A. Federal
B. Fed funds
C. prime
D. discount
Answer: D
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Refer to Figure 13.1. All else equal, if the economy is in a recession, expansionary fiscal policy would result in a movement from
A) point A to point B. B) point B to point A. C) point B to point C. D) point C to point B.
Regarding costs, accountants _____; economists _____
a. identify stable and predictable costs for decision-making purposes; measure costs for financial reporting purposes b. identify stable and predictable costs for financial reporting purposes; measure costs for decision making purposes c. do not include opportunity costs; include opportunity costs d. include opportunity costs; do not include opportunity costs e. both b and c f. both a and d
Differences in the productivity of labor accounts for comparative advantage if:
a. the minimum wage varies across countries. b. the size of the domestic market varies across countries. c. the labor hours required to produce each good varies across countries d. the strength of workforce varies across countries. e. the laborers are paid different wages in different countries.
Consumer surplus is the difference between the worth of a commodity to the consumer and the price the consumer pays for the commodity
a. True b. False Indicate whether the statement is true or false