Although a corporation that is owned by its member banks, the Federal Reserve System
a. reports directly to the president in an annual report.
b. is quite independent of them, and they receive almost none of the Fed's profits.
c. is administered by Congress and all its profits are distributed to the member banks.
d. turns all its profits over to the state governments of each district bank.
b
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Cyclical unemployment ________ during expansions and ________ during recessions
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
If government regulators want a natural monopolist to earn only zero economic profit, they will set price equal to:
A. average total cost (ATC). B. marginal cost (MC). C. average fixed cost (AFC). D. average variable cost (AVC).
Which of the following is correct?
A. Both purely competitive and monopolistic firms are "price takers." B. Both purely competitive and monopolistic firms are "price makers." C. A purely competitive firm is a "price taker," while a monopolist is a "price maker." D. A purely competitive firm is a "price maker," while a monopolist is a "price taker."
If the percentage change in quantity demanded is less than the percentage change in price, then demand is said to be elastic.
a. true b. false