The 12 Federal Reserve Banks can best be characterized as:
A. central banks, banker's banks, and quasi-public banks.
B. investment banks, banker's banks, and public banks.
C. national banks, quasi-public banks, and investment banks.
D. regional banks, public banks, and member banks.
Answer: A
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The marginal rate of technical substitution shows
A) how many machines can be replaced by computers, keeping output constant. B) how many computers are needed to replace workers so that output can increase. C) the rate at which technology advances change marginal productivity. D) how many workers can do the job of one computer, keeping output constant.
Before entry into an industry, a profit-maximizing decision maker will compare the expected market price with the expected
a. long-run average total cost. b. short-run marginal cost. c. long-run average variable cost. d. short-run average total cost.
Factors increasing the U.S. labor supply and thereby contributing to the slowdown in real-wage growth that began in the 1970s include ________ and ________.
A. technological progress; diminishing returns to labor B. skill-biased technological change; globalization C. increased labor force participation by women; the coming-of-age of the baby-boom generation D. increasing wage inequality; globalization
The money for Social Security payments to current retirees comes from
A. payroll taxes collected from those retirees when they were working. B. income taxes collected from the current working population. C. payroll taxes collected from the current working population. D. only the interest earned now by the government on the invested Social Security trust fund.