Which of the following is NOT a correct statement?
A. The country has 12 Federal Reserve districts.
B. The Federal Open Market Committee carries out open market operations.
C. A majority of private banks are not part of the Federal Reserve System.
D. The Fed chairman is appointed by the president for 14 years.
E. The Senate ratifies the president's appointment of the chairman of the board of governors of the Fed.
D. The Fed chairman is appointed by the president for 14 years.
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Moving along a budget line, the prices of both goods:
A. vary and the consumer's budget is held constant. B. are held constant and the consumer's budget varies. C. and the consumer's budget are held constant. D. and the consumer's budget vary.
Refer to the graph shown. If government establishes a price floor of $7.25 per hour, there will be a:
A. shortage of 300 labor hours. B. surplus of 400 labor hours. C. surplus of 300 labor hours. D. shortage of 400 labor hours.
Which of the following is not a factor of production?
a. labor hours b. capital equipment c. acres of cultivatable land d. money e. physical plant or factory
Using a graph, explain both the substitution effect and income effect that result from an increase in the price of a normal good.
What will be an ideal response?