In 2010, President Obama signed into law that made the Federal Reserve as the nation's
A. fiscal policy making unit.
B. largest private bank.
C. regulator of systemic financial risk.
D. federal income tax collector.
Answer: C
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The amount of money that people wish to hold to use in transactions varies directly with
A) the income tax rate. B) their planned near-term purchases. C) the money supply. D) the interest rate.
A price taker is a firm that
A) seeks to maximize revenue rather than profit. B) cannot influence the market price. C) searches for the best price and then takes the highest profits possible. D) buys inputs for firms.
The labor supply curve is generally considered to be upward-sloping because the opportunity cost of leisure:
A. increases as wages get higher. B. has nothing to do with wages. C. decreases as wages get higher. D. remains unchanged as wages get higher.
Economic reasoning predicts that there will be strong pressures to make real-world markets perfectly competitive.
Answer the following statement true (T) or false (F)