The Chairman of the Board of Governors:
A. serves the same four-year term as the U.S. President.
B. is selected from the Board of Governors, appointed by the U.S. President.
C. serves an eight-year term.
D. serves a four-year term that cannot be renewed.
Answer: B
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Which of the following shows an accurate difference between (A) perfect competition and (B) monopolistic competition?
a. (A) Price is more than ATC; (B) Price is equal to ATC. b. (A) Firms are productively inefficient; (B) Firm are productively efficient. c. (A) Price equals marginal cost; (B) Price is more than marginal cost. d. (A) Firms are allocatively inefficient; (B) Firms are allocatively efficient.
Firms in the market for dog food are selling in a purely competitive market. A firm producing dog food has an output of 10,000 pounds of dog food, for which it sells for $0.50 a pound. At the output level of 10,000 pounds the average variable cost is
$0.30, the average total cost is $0.70, and the marginal cost is $0.50. What would you expect the firm to do in the short run? The market in the long run? What will be an ideal response?
Any business wanting to attract financial capital must expect to
A. keep implicit costs as close to zero as possible. B. earn a positive economic profit. C. pay a normal rate of return. D. pay a below normal rate of return in order to make a positive rate of return itself.
Bonds differ from stocks in all of these ways except
A. a purchase of corporate stock becomes a part owner of the corporation, while a bondholder does not. B. bondholders loan money to the corporation, which has priority for repayment, while stockholders may lose their investment. C. stockholders know with a high degree of certainty how much money they will get, while bondholders do not. D. All of these responses are correct.