Which of the following is not part of the Federal Reserve System?
a. the Federal Advisory Council
b. the Federal Open Market Committee
c. the Council of Economic Advisers
d. the Conference of Presidents of the Reserve Banks
c. the Council of Economic Advisers
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When the price of Nike soccer balls decreased, Ronaldo purchased more Nike soccer balls and fewer Adidas soccer balls. Which of the following best explains Ronaldo's decision to buy more Nike soccer balls?
A. An increase in the demand for Nike soccer balls B. The price effect C. The income effect D. The substitution effect
The figure above shows the marginal revenue and long-run cost curves for a perfectly competitive firm. All other firms in the industry have identical curves. Which of the following statements is TRUE?
A) The firm's average cost exceeds the price. B) Over time, firms will enter this industry. C) The firm is earning economic profit. D) None of the above is true.
During the pre-Revolutionary period American colonists used their market power to rebel by:
a. organizing nonimportation associations in response to taxes. b. organizing powerful labor unions. c. creating large manufacturing firms that competed with English manufacturers. d. forming farming cartels that increased the prices of American agricultural exports. e. All of the above.
It is likely that a constitutional amendment that required the government always to run a balanced budget would
a. contribute to a more stable level of output. b. mitigate the crowding-out effect. c. eliminate the economy's automatic stabilizers. d. All of the above are correct.