Which of the following is not part of the Federal Reserve System?
a. Treasury Department
b. District Federal Reserve Banks
c. Federal Open Market Committee
d. Branches of District Federal Reserve Banks
e. Board of Governors
A
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The earliest and simplest form of international business is _____.
a. mercantilism b. government c. trade d. tariffs e. none of the above
People generally view leisure
a. as an inferior good b. as a normal good c. as a source of disutility d. as more valuable per unit the more they have of it e. as unrelated to utility maximization
Economists say that a firm has a normal profit when:
a. it earns a return of at least 10 percent. b. its accounting profit is positive. c. it can pay all its variable costs. d. its economic profit is zero.
Average fixed cost is: a. total cost divided by the number of units produced over a given period
b. total fixed cost divided by the number of units produced over a given period. c. the price of a fixed factor of production. d. fixed cost divided by the number of units of a fixed input employed over a given period.