Which of the following cities does not have a Federal Reserve Bank?
a. Dallas
b. Kansas City
c. Los Angeles
d. Cleveland
e. Miami
C
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Which of the following is an example of a barter transaction?
A) An individual pays her electric bill with a check. B) An individual pays her electric bill with currency. C) An individual provides three light bulbs to her neighbor in exchange for two gallons of milk. D) An individual deposits three twenty-dollar bills in her checking account.
Which of the following gives consumers an incentive to reduce the consumption of a service when the cost of providing the service is the highest?
a. average cost pricing b. constant pricing c. peak load pricing d. regulated pricing
If it costs $8 to produce a certain product and the product sells for $9, then
a. the markup is approximately 11.1 percent b. the market for this product must be monopolistic c. the markup is $1 d. firms in this industry should shut down to minimize their losses e. the revenue gained from the last unit produced is $1
When persons underestimate inflation (when actual inflation exceeds the expected rate), actual unemployment will
a. exceed the natural rate of unemployment. b. equal the natural rate of unemployment. c. fall below the natural rate of unemployment. d. increase if the government is running a budget deficit and decrease if a budget surplus is present.