Which of the following statements is true?
a. The Federal Reserve System was established by the U.S. Constitution
b. The Federal Reserve System was established immediately after the Civil War.
c. The Federal Reserve System was established in 1913.
d. The Federal Reserve System was established during the Great Depression.
e. The Federal Reserve System was established immediately following World War II.
c
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Which of the following is NOT a capital good?
A. A new house purchased by a family B. A new apartment building purchased by a corporation C. Machines purchased by a car manufacturer to measure metal thicknesses D. Batteries purchased by a car manufacturer to install in new cars
What effect does an increase in the price level have on the demand for money and the demand for money curve?
What will be an ideal response?
One way to explain the convexity of isoquants is to say that
A) as labor increases and capital decreases, MPL rises while MPK falls. B) as labor increases and capital decreases, MPL falls while MPK rises. C) as labor increases and capital decreases, MPL and MPK both fall. D) as labor increases and capital decreases, MPL and MPK both rise.
According to economists, competitive firms
A) compete for the same customers. B) are price takers. C) differentiate their products. D) are able to change output and affect the market price.