The congressional act that established the U.S. central banking system in 1913 was the
A) Federal Reserve Act.
B) Gramm-Rudman Act.
C) Employment Act.
D) Humphrey-Hawkins Act.
Ans: A) Federal Reserve Act.
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An oligopolist’s effective demand curve will be kinked if the firm
A. is acting as a price leader in the industry. B. expects other firms to match price cuts but not price increases. C. expects other firms to match all price changes. D. fears new entry into the industry.
Suppose paper pulp mills are permitted to emit harmful pollutants, free of charge, into the air. How will the price and output of paper in a competitive market compare with their values under conditions of ideal economic efficiency?
a. The price will be too high, and the output will be too large. b. The price will be too low, and the output will be too large. c. The price will be too low, and the output will be too small. d. The price will be too high, and the output will be too small.
You have been promised a payment of $250,000 in the future. In which case is the present value of this payment highest?
a. You receive the payment 3 years from now and the interest rate is 8 percent. b. You receive the payment 3 years from now and the interest rate is 6 percent. c. You receive the payment 2 years from now and the interest rate is 8 percent. d. You receive the payment 2 years from now and the interest rate is 6 percent.
According to the World Bank definitions, there are more people in the world living in extreme poverty than there are living in severe poverty.
Answer the following statement true (T) or false (F)