The number of presidentially appointed members who sit on the Federal Reserve Board of Governors is:
a. none.
b. seven.
c. nine.
d. twelve.
b
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If a price increase from $8 to $10 causes quantity demanded to fall from 500 to 400, what is the absolute value of the (arc) own-price elasticity?
A. 0.75. B. 0.60. C. 1.30. D. 1.00.
When a country's exports of goods are greater than its imports of goods in a given period, it has a
A. capital account surplus. B. trade surplus. C. current account deficit. D. trade deficit.
Related to the Economics in Practice on p. 297: According to the Economics in Practice, in a town with multiple newspapers
A. there are strong incentives for firms to differentiate and focus on the part of the market with less competition. B. there are strong incentives for firms to produce a similar product and focus on the part of the market with the most competition. C. there is virtually no possibility for firms to produce a similar product and remain in business. D. there are virtually no incentives for firms to differentiate and focus on the part of the market with less competition.
When the rate of cyclical unemployment is zero, the
a. natural rate of unemployment must also be zero b. rate of frictional unemployment must be negative c. economy must have entered a recessionary stage d. Keynesian aggregate supply curve must be horizontal e. economy is considered to be at full employment