Which of the following is responsible for controlling the money supply in the United States?
A. U.S. Congress
B. Board of Governors of the Federal Reserve System
C. U.S. Treasury
D. Council of Economic Advisors
Answer: B
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Which of the following will make price discrimination difficult for a monopolist?
A) the possibility of resale of the product B) a constant marginal cost curve C) an increasing marginal cost D) a downward sloping demand curve
Congress intended that
a. the entire FICA tax be paid by workers. b. the entire FICA tax be paid by firms. c. one-quarter of the FICA tax be paid by workers, and three-quarters be paid by firms. d. half the FICA tax be paid by workers, and half be paid by firms.
National income is defined as
a. the total income of a nation's permanent residents minus losses from depreciation. b. the income that households and noncorporate businesses receive. c. the total income earned by a nation's permanent residents in the production of goods and services. d. the income that households and noncorporate businesses have left after satisfying all their obligations to the government.
Answer the following statement(s) true (T) or false (F)
1. Consumers use bounded rationality to take shortcuts in mental processing. 2. Rules of thumb tend to make people less confident. 3. Framing occurs when consumers treat money differently depending on where they got it. 4. Anchoring occurs when people rely heavily on the first piece of information offered when making a purchase. 5. The traditional consumer choice model predicts and explains most consumer behavior quite well most of the time.