In its role as the bankers' bank, the Federal Reserve performs all of the following services, except:
A. clearing paper checks and transferring funds electronically.
B. collecting and making available data on business conditions.
C. managing U.S. Treasury borrowings.
D. making discount loans.
Answer: C
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Refer to Figure 4-4. At a price of $18 consumers are willing to buy 40 pounds of tiger shrimp. Is this an economically efficient quantity?
A) Yes, because $18 shows what consumers are willing to pay for the product. B) No, the marginal benefit of the 40th unit exceeds the marginal cost of that 40th unit. C) Yes, otherwise consumers would not buy 40 units. D) No, the marginal cost of the 40th unit exceeds the marginal benefit of the 40th unit.
If we were to compare the monopolistically competitive firm's long run outcome to that of a perfectly competitive one, we would conclude that the monopolistically competitive firm:
A. creates more total surplus. B. produces less. C. charges less. D. earns greater profits.
Where should a producer stop devoting more of his spending on labor if initially the MRP of the additional dollar spent on labor is higher than the MRP of the additional unit spent on tools?
a. MRP/$ of additional labor falls below MRP/$ of additional tools. b. MRP/$ of additional capital increases above MRP/$ of additional tools. c. MRP/$ of additional labor becomes equal to MRP/$ of additional tools. d. MRP/$ of the additional labor falls to zero.
What is a market demand curve?
a. a table showing how much of a product an individual is willing and able to buy b. a table showing how much of a product a market is willing and able to buy c. a graph showing how much of a product an individual is willing and able to buy d. a graph showing how much of a product a market is willing and able to buy