In which of the following U.S. cities is one of the 12 Federal Reserve Banks located?
A. Denver
B. Seattle
C. New York City
D. Miami
Answer: C
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The process by which individuals limit their productive efforts to a particular activity instead of trying to produce directly everything that they need is known as
a. specialization. b. using absolute advantage. c. using exchange. d. scarcity.
A country's long-run aggregate supply curve will shift to the left when there is (are)
A) fewer regulatory impediments to business. B) a discovery of new oil reserves in that country. C) a reduction in the labor force. D) a reduction in the money supply.
Economists believe that people respond in a predictable way to changes in costs and benefits. The term that best describes this phenomenon is
a. opportunity cost b. scarcity c. innovation d. marginal analysis e. other things equal (or ceteris paribus)
Refer to Table 9-3. What is the value of the bank's net worth?
A) $200 million B) $2,000 million C) $2,800 million D) $3,000 million