The Fed is
A) shielded from political pressure.
B) officially independent from the federal government.
C) staffed by Congressmen who are biased toward monetary expansion.
D) responsible for minting coins and collecting taxes.
B
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Deadweight costs in an exchange are costs
A) charged for free goods. B) imposed by government, such as taxes or safety requirements. C) that have no effect on either the quantity demanded or the quantity supplied. D) that have nothing to do with the sacrifice of valuable opportunities. E) to the buyer that are not simultaneously benefits to the seller.
The president of the United States promises that the nation's economy will simultaneously produce more defense goods without any decreases in the production of other goods. Under which of the following conditions could such a promise be valid?
A) if the United States were producing at a point on its production possibilities curve B) if the United States were producing inside its production possibilities curve C) if the United States were producing to the right of its production possibilities curve D) None of the above; the production possibilities curve must shift to the right.
If firms were teams then there would be a problem of
A) free-riding. B) spontaneous order. C) market-based management. D) internal externalities.
During an inflationary period with full employment or near-full employment,
a. a progressive income tax structure will worsen inflation. b. unemployment taxes paid by workers will be low. c. total unemployment benefits will be maximized. d. lower disbursements for unemployment compensation will moderate inflation.