A major difference between the Federal Reserve System and foreign central banks is that the
a. Fed is considered part of our government while central banks in other countries are not part of the government
b. Fed is completely independent of government influence while central banks in other countries are under government influence
c. Fed deals with less money than its foreign counterparts
d. U.S. does not have a single central bank like its foreign counterparts
e. purpose of the Fed is to make a profit while other countries' central banks exist to serve the public
D
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When benefit-cost analysis is used to facilitate U.S. public policy decisions,
a. the discount rate is selectedby the individual policy maker b. no adjustment can be made for inflation, since the inflation rate is not known in advance c. the discount rate used should reflect the social opportunity cost of funds d. only incremental costs are adjusted for time differences
At any quantity of output below the intersection of the marginal revenue and marginal cost curves:
A. ATC is lower than AVC. B. MC is higher than MR. C. MR is higher than MC. D. the firm would lose profits producing the units.
Which of the following is a consequence of the formation of a cartel? a. Output produced will be lower than the equilibrium output. b. Prices charged will be lower than the equilibrium price
c. Consumer surplus will increase. d. Products will be more innovative.
Discouraged workers are included in
a. the number of unemployed. b. frictional unemployment. c. the labor force. d. None of the above is correct.