Economic institutions like the Federal Reserve System of 1914 created by legislation are designed to:
(a) Only achieve economic goals
(b) Garner votes
(c) Satisfy the well organized interests of
special groups
(d) All of the above
(d)
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A minimum wage set above the equilibrium wage rate creates
A) efficiency because it increases most workers' wages. B) efficiency because few workers lose their jobs. C) efficiency because workers can earn a living wage. D) inefficiency and a deadweight loss. E) inefficiency because it creates excessive employment.
If two firms in an oligopoly produce undifferentiated products and face identical constant marginal costs, then, absent any implicit or explicit collusion, they will price at marginal cost regardless of whether they move sequentially or simultaneously -- assuming price is the strategic variable.
Answer the following statement true (T) or false (F)
Along a downward-sloping, linear demand curve, total revenue is the greatest
A) where demand is unit elastic. B) where demand is normal. C) where demand is the most elastic. D) where demand is the most inelastic.
Suppose the majority of students who are graduating in May from a large university have found jobs and signed employment contracts by February. Starting in February, these students are likely to __________ spending and __________ saving.
Fill in the blank(s) with correct word