The Federal Reserve System is run by the President of the United States
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to the normal-form game of price competition shown below. 
Firm A must decide whether or not to introduce a new product. If firm A introduces a new product, firm B must decide whether or not to clone the product. The payoff structure of the game is depicted in Figure 10-12. The subgame perfect Nash equilibrium to this game is:
A. Firm A plays "Do Not Introduce"; firm B plays "Clone" if firm A plays "Introduce." B. Firm A plays "Introduce"; firm B plays "Clone" if firm A plays "Introduce." C. Firm A plays "Introduce"; firm B plays "Do Not Clone" if firm A plays "Introduce." D. Firm A plays "Do Not Introduce"; firm B plays "Do Not Clone" if firm A plays "Introduce."
If the price elasticity of supply is equal to zero and the price was to rise, the quantity supplied would:
A. decrease slightly. B. fall to zero. C. not change. D. increase.
Which of the following statements is an example of positive economic analysis?
A. The elderly live on a fixed income, so the government has an obligation to keep inflation rates low. B. The government should worry less about inflation and more about unemployment. C. The inflation rate is too high. D. If the government increases the rate of growth of the money supply, the inflation rate will increase, ceteris paribus.
If an excess quantity of labor demanded exists in a free market, there is a tendency for
A. quantity demanded to fall. B. quantity supplied to rise. C. the wage rate to fall. D. the wage rate to rise.