Members of the Federal Reserve Board of Governors serve one nonrenewable term of:
a. 4 years.
b. 7 years.
c. 14 years.
d. life.
c
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Railway engines create sparks, which sometimes set fire to crops planted near the tracks. A large number of farmers are affected, and transactions costs prevent the farmers and the railroad from negotiating bribes or side payments. The price of railway service is $250 per train, and each train causes $50 of crop damage. The accompanying diagram shows the relevant market for railway service.
(i) Suppose a Pigovian tax of $50 per train is imposed on the railroad. By how much will social gain increase?
(ii) Suppose that the farmers can move their crops away from the tracks at a cost of $2,400 per month. If the goal is to achieve economic efficiency, who should be made liable for the crop damage? What will be the resulting social gain?
(iii) Suppose that farmers still have the option of moving their crops as described in part ii. Also suppose that the railroad can install safety equipment that will prevent the engine sparks at a cost of $25 per train. If the goal is to achieve economic efficiency, who should be made liable for the crop damage? What will be the resulting social gain?
Suppose the currency drain ratio is 33.33 percent and the desired reserve ratio is 10 percent. The money multiplier equals
A) 3.00. B) 3.08. C) 2.50. D) 6.67. E) 4.27.
The primary problem with the argument that "we agree to be coerced if everyone is coerced" to do an action is _____
a. there is no way to know whether it is true or not b. it only applies to a limited number of situations c. it only applies to actions in the public interest d. there is no way to force everyone else to go along
Spending VCU4 on real-world goods and services causes the nation's:
a. Monetary base to fall. b. M2 money supply to fall. c. M2 money multiplier to remain the same. d. M2 money supply to rise.