The Federal Reserve System is under the strict control of
a. the executive branch
b. the legislative branch
c. the judicial branch
d. the International Monetary Fund
e. none of the above
E
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Consider a closed economy without a government and without international trade. What will be TRUE when this economy is in equilibrium?
A) Planned real consumption spending equals real GDP. B) Total planned real investment spending will exceed total planned real expenditures. C) Planned real consumption spending plus planned real investment spending equals real GDP. D) Planned real investment spending will exceed real planned saving.
A sequential game can be used to analyze whether a retail firm should build a large store or a small store in a city, when the correct choice depends on whether a competing firm will build a new store in the same city. Which of the following is used to analyze this type of decision?
A) an either-or graph B) a decision tree C) a decision matrix D) a sequential matrix
Economists ordinarily favor setting price equal to marginal cost when this option is feasible.
Answer the following statement true (T) or false (F)
In a competitive market, is the long-run supply curve typically more elastic than the short-run supply curve, or is it less elastic than the short-run supply curve?