The Federal Reserve System is divided into
A. 7 districts.
B. 5 districts.
C. 15 districts.
D. 12 districts.
Answer: D
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Two firms are introducing an improved version of their toothpastes. They must decide whether or not to advertise their products. The table above gives the payoff matrix in terms of the economic profits they expect in each case
The payoffs are in terms of millions of dollars. a. What is the Nash equilibrium for the game? b. If they could cooperate, what strategy would they prefer? What would be the payoff?
The tool most often used by the Fed to control the money supply is
a. changing reserve requirements. b. open market operations. c. buying and selling of equities. d. altering the discount rate.
In 1973 the Russian wheat crop failed and the Soviet Union made massive purchases of American wheat. Which statement is a result of this action?
A. The demand for farm labor and farmland was driven down in the United States. B. There was no effect on the demand for farm labor and farmland in the United States. C. The demand for farm labor and farmland was driven up in the United States. D. None of these statements are true.
When a household spends over 70% of its monthly income on a good, demand will be
A) elastic. B) unit-elastic. C) inelastic. D) elastic, unit-elastic or inelastic depending upon supply.