Members of the Board of Governors of the Fed:
A. must leave office when there is a new administration elected.
B. are appointed for life, though they can resign at any time.
C. serve one non-renewable fourteen-year term.
D. can be reappointed after their term expires.
Answer: C
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The largest and fastest-growing category of federal government expenditures is
A) transfer payments. B) grants to state and local governments. C) interest on the national debt. D) national park spending.
Draw in a new supply curve, S1, on figure, showing an increase in supply. What happens to price and quantity?
Between 1994 and 2009, the number of welfare recipients in the U.S.:
a. fell by 71%. b. rose by 71%. c. fell by 18%. d. rose by 66%.
A new firm enters a market which is initially serviced by a Cournot duopoly charging a price of $10. What will the new market price be should the three firms coexist after the entry?
A. Below $10 B. $10 C. Above $10 D. None of the answers is correct.