The Federal Reserve was created in
A) 1893. B) 1913. C) 1921. D) 1933.
B
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Which of the following statements correctly uses the concept of opportunity cost in decision making?
I. "Because my secretary's time has already been paid for, my cost of taking on an additional project is lower than it otherwise would be." II. "Since NASA is running under budget this year, the cost of another space shuttle launch is lower than it otherwise would be." A) I is true, and II is false. B) I is false, and II is true. C) I and II are both true. D) I and II are both false.
A recession is characterized by:
A. a period of significant increase in economic activity. B. falling GDP. C. constant unemployment. D. an increase in the general price level.
Experience ratings provide firms with an incentive not to:
A. hire older workers. B. invest in health and safety programs. C. hire disabled workers. D. both hire older workers and hire disabled workers
If a firm can vary all of its factors of production, it is operating in
A) the long run. B) the immediate run. C) equilibrium. D) the short run.