Which one of the following is true about the U.S. Federal Reserve System?
A. There are 12 regional Federal Reserve Banks.
B. The head of the U.S. Treasury also chairs the Federal Reserve Board.
C. There are 14 members of the Federal Reserve Board.
D. The Open Market Committee is smaller in size than the Federal Reserve Board.
A. There are 12 regional Federal Reserve Banks.
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If the real wage rate is such that the quantity of labor supplied equals the quantity of labor demanded
A) a full-employment equilibrium occurs. B) actual GDP equals potential GDP. C) the supply curve of labor is vertical. D) Both answers A and B are correct.
How do car dealers help reduce adverse selection?
What will be an ideal response?
Governments generally take responsibility for
A. determining the moral code. B. making sure the economy remains healthy. C. deciding what is produced by most businesses. D. the purchasing decisions of households.
If ________, then a profit-maximizing, monopolistically competitive firm earns negative economic profits.
A. P < ATC B. P = ATC C. P > ATC D. All of the above are possible.