At the national level, a Board of____________ runs the Federal Reserve.
a. Representatives
b. Presidents
c. Governors
d. Banks
c. Governors
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A good generalization about developing countries is
a. savings rates are low b. investment rates are low c. exports are mostly food and raw materials d. population growth rates are high e. none of the above
When a tax is levied on a good, the buyers and sellers of the good share the burden,
a. provided the tax is levied on the sellers. b. provided the tax is levied on the buyers. c. provided a portion of the tax is levied on the buyers, with the remaining portion levied on the sellers. d. regardless of how the tax is levied.
The Great Depression was characterized by:
A. the Roaring Twenties. B. accelerated economic growth. C. unemployment exceeding 25 percent. D. firms rapidly expanding their borrowing rates.
Compared to a similar perfectly competitive industry, a single-price monopoly
A) creates a deadweight loss and decreases economic profit. B) produces more output. C) creates a deadweight loss and decreases consumer surplus. D) is more efficient because there is no wasteful competition. E) sets a lower price because there is less competition.