Social Security makes up about ______ percent of federal transfer payments.
a. 10
b. 25
c. 45
d. 95
c. 45
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Which of the following is not a power of the Federal Reserve System?
a. Setting the prime interest rate b. Issuing Federal Reserve notes c. Buying and selling U.S. government securities d. Extending loans to member banks e. Clearing checks
If the price of a certain brand of sneakers falls from $27.50 to $22.50, and the quantity demanded by consumers increases from 15 to 25 pairs per week, then the price elasticity of demand is
a. 0.25 b. 1.00 c. 2.75 d. 1.50 e. 2.50
The concept of economies of scale becomes especially relevant to international trade when it enables
a. numerous small producers to supply the entire country. b. one or two large producers to supply the entire country. c. numerous large producers to supply the entire country. d. one or two small producers to supply the entire country.
In terms of market failure, underallocation means the economy ______.
a. is controlled by a single-seller b. is controlled by the government c. has produced too little d. has produced too much