One of the functions of the Federal Reserve System is the
a. issuance of federal government bonds
b. collections of tax revenues from banks
c. spending of federal funds on construction projects
d. manufacturing of coins
e. clearing of checks between banks located in different parts of the country
E
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Which of these is an argument for using the potential compensation criterion?
a. If the winners can compensate the losers, no one is harmed by employing the criterion. b. The criterion does not employ interpersonal utility calculations. c. If employed over a large number of policy changes, everyone should enjoy a net gain in the long run. d. It is easy to determine the magnitude of the wins and losses.
When a union raises the wage above the equilibrium level, it reduces the quantity of labor supplied and raises the quantity of labor demanded, resulting in unemployment
a. True b. False Indicate whether the statement is true or false
Given the information in the graph above, is the firm in the short run or the long run?
When an investment project generates output that is valued more highly than the value of the resources required for its production,
A) entrepreneurs seeking profit will have little incentive to undertake such projects. B) entrepreneurs will have to be subsidized by the government if they are going to earn a profit. C) it will be unprofitable to undertake such a project. D) undertaking the project will create wealth.