Which of the following is primarily responsible for controlling the money supply in the United States?
a. the U.S. Congress
b. the Board of Governors of the Federal Reserve System
c. the U.S. Treasury
d. the Council of Economic Advisors
B
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As the economy falls from the peak to the trough of the business cycle:
A. Inflationary pressures should increase as unemployment rises. B. Cyclical unemployment should increase and real GDP should decline. C. Frictional unemployment should fall because people find jobs more quickly. D. Structural unemployment will be eliminated.
The demand for all carbonated beverages as a whole is likely to be ________ the demand for Dr. Pepper
A) more elastic than B) perfectly elastic compared to C) less elastic than D) perfectly inelastic compared to
In a command economy:
a. economic effort is devoted to goals passed down from a ruler or ruling class. b. economic effort is commanded by the people of a country. c. there is no coordinated economic effort. What you produce is what you get to consume. d. economic effort is determined by the government, businesses, and the people of a country.
In many regulated industries, marginal cost will be
A. below average cost. B. above total cost. C. above marginal fixed cost. D. below incremental cost.