Which of the following is not part of the Federal Reserve System?
A. Council of Economic Advisors
B. Board of Governors
C. Federal Open Market Committee
D. 12 Federal Reserve District Banks
Answer: A
You might also like to view...
Which of the following does free trade encourage?
A) higher rates of economic growth B) more rapid spread of technology C) domestic industries' access to larger markets D) all of the above
In the long run, a perfectly competitive firm can
A) only make an economic profit. B) only make zero economic profit. C) only incur an economic loss. D) make an economic profit, make zero economic profit, or incur an economic loss.
What is the difference between "diminishing marginal returns" and "diseconomies of scale"?
A) Both concepts explain why marginal cost increases after some point but diminishing marginal returns applies only in the short run when there is at least one fixed factor, while diseconomies of scale applies in the long run when all factors are variable. B) Diminishing marginal returns, which applies only in the long run when all factors are variable, explains why average variable cost increases, while diseconomies of scale, which applies in the short run when at least one factor is fixed, explains why average total cost increases. C) Diminishing marginal returns, which applies only in the short run when at least one factor is fixed, explains why marginal cost increases, while diseconomies of scale, which applies in the long run when all factors are variable, explains why average cost increases. D) Both concepts explain why average total cost increases after some point but diminishing marginal returns applies only in the short run when there is at least one fixed factor, while diseconomies of scale applies in the long run when all factors are variable.
The natural employment surplus is
A) G + T. B) Y - tYN. C) tYN - G. D) YN + G + tYN.