Which of the following services is performed by the regional Federal Reserve banks?
A. Providing currency to private banks.
B. Providing loans to individuals.
C. Holding deposits for individuals.
D. Check cashing for large nonbank corporations.
Answer: A
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Between 1860 and 1890, both daily wages and annual earnings
a. fell slightly. b. stayed roughly the same. c. increased by 10%. d. increased by 50%.
If the government needs to raise revenue to pay for a public good, the ideal tax structure would tax
A. only citizens who state that they will use the public good. B. all citizens in proportion to their willingness to pay for the public good. C. all citizens by the same proportion of their income. D. all citizens by the same amount.
Figure 3.4 illustrates the demand for tacos. Assume that tacos are normal goods. An increase in income would bring about a movement from:
A. point a to point b. B. point c to point b. C. D2 to D1. D. D0 to D1.
The marginal revenue curve for a perfectly competitive firm is
A. upward sloping. B. vertical. C. horizontal. D. downward sloping.