Which of the following is NOT a function of the Federal Reserve System?
A. making loans to private firms
B. supervising member banks
C. holding deposits of member banks
D. providing for check collection and clearing
Answer: A
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What do the legislative and implementation lags have in common?
A) They are both more important for monetary than fiscal policy. B) They are both more important for fiscal than monetary policy. C) They are both harder to measure but less variable than the effectiveness lag. D) They both take place before the data and recognition lags. E) none of the above
If a firm spends money on advertising, its gross profit is ________ its net profit.
A) greater than B) exactly twice C) equal to D) less than
According to the law of diminishing marginal product, if all the inputs to a firm are increased in equal proportions, a. output will increase more than in proportion to the increase in the inputs
b. output will increase less than in proportion to the increase in the inputs. c. output will increase exactly in proportion to the increase in the inputs. d. The law of diminishing returns says nothing about what will happen to output when all inputs are increased in equal proportions.
The major determinant of an individual's income is
a. whether or not his family is wealthy. b. his personality-if the coworkers and the boss like him. c. how productive he is combined with demand for what he produces. d. if he earns a salary or if he is paid by the hour.