The number of regional Federal Reserve Banks is:
A. twelve.
B. five.
C. seven.
D. nine.
Answer: A
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Which of the following is a liability of a family?
A. Share of stock B. Unpaid credit card balance C. House D. Checking account balance
Suppose the government has declared beer to be an illegal substance and imposes a fine on anyone caught buying a beer. Selling beer, however, remains legal
Using the above figure, in which CBL is the cost of breaking the law, what is the equilibrium price and quantity with this new law in effect? A) $5 per quart and 300 quarts of beer B) $3 per quart and 500 quarts of beer C) $3 per quart and 100 quarts of beer D) $1 per quart and 300 quarts of beer
Many college football teams require a "donation" in order to purchase season tickets. This is
A) price gouging. B) a tie-in sale. C) two part pricing. D) anti-competitive behavior.
Which of the following is NOT correct concerning perfectly competitive firms in the long run?
A) Long-run economic profits are zero. B) Price equals minimum long-run average cost. C) Entrepreneurs earn the opportunity cost of their investment. D) The opportunity cost of capital is zero.