When the Federal Reserve system was being created, some people thought that there should be as few district banks as possible to enhance efficiency and for ease of operation
Indicate whether the statement is true or false
True
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A person who is in a 31 percent marginal tax bracket and has a total taxable income of $100,000 will owe $31,000 in taxes
a. True b. False Indicate whether the statement is true or false
Laws and government actions designed to prevent monopoly and promote competition are the focus of:
A. social regulation. B. incomes policy. C. antitrust policy. D. industrial regulation.
Exhibit 4-11 Data on supply and demand Bushels demandedper month Price perbushel Bushels suppliedper month 45 $5 77 50 4 73 56 3 68 61 2 61 67 1 57 Which of the following would occur if the government imposed a price floor (support price) of $4 per bushel in the wheat market shown in Exhibit 4-11?
A. Buyers would want to purchase more wheat than is supplied. B. Buyers would not purchase all of the wheat grown. C. Shortage of wheat would increase the price of wheat. D. Farmers would grow less wheat.
If a natural monopolist were forced to set price equal to average cost, it would:
A. suffer losses. B. earn a normal profit. C. be forced to produce more than the socially optimal level of output. D. earn excessive profit.