The central bank in the United States does all the following except:
A. issue coin and currency.
B. act as a financial adviser to the government.
C. loan money to banks.
D. loan money to corporations.
Answer: D
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If instead the government used a pollution permit system, what permit price would achieve a cost-effective allocation of abatement? Compare the costs of this allocation to the costs of using the uniform standard described in part (b).
Assume that there are two firms, each emitting 20 units of pollutants into the environment, for a total of 40 units in their region. The government sets an aggregate abatement standard (AST) of 20 units. The polluters' cost functions are as follows, where the dollar values are in thousands: Polluter 1: TAC1 = 10 + 0.75(A1)2, Polluter 2: TAC2 = 5 + 0.5(A2)2, MAC1 = 1.5A1, MAC2 = A2.
At a certain level of production, the average total cost faced by a monopolist is $6 and the marginal cost faced by the monopolist is $4
If the government decides to regulate the market by setting the price at the efficient price, the good will be sold at a price of: A) $2 per unit. B) $4 per unit. C) $6 per unit. D) $10 per unit.
When the price of audio books, a normal good, falls, causing your purchasing power to rise, you buy more of them due to
A) the deadweight loss effect. B) the elasticity effect. C) the income effect. D) the substitution effect.
Which of the following cannot be used to justify efficiency wages
a. Sticky price (menu cost) models b. turnover costs c. worker shirking d. worker morale