Which of the following institutions is responsible for ensuring that enough currency and coins are circulating through the financial system to meet public demands?
a. U.S. Department of the Treasury
b. Comptroller of the Currency
c. Federal Reserve
d. Federal Deposit Insurance Corporation
c. Federal Reserve
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If the production possibilities curve in France is bowed out and the curve in Spain is a straight line, then we know that
a. no trade can take place between France and Spain b. the terms of trade will always be in favor of France c. the terms of trade will always be in favor of Spain d. the law of increasing costs apply to France but not to Spain e. the law of increasing costs apply to Spain but not to France f. the opportunity costs of producing goods in France are constant
Monopolistic competition is characterized by many buyers and sellers, product differentiation, and barriers to entry
a. True b. False Indicate whether the statement is true or false
An increase in saving
A. decreases the amount of resources available for investment. B. increases the amount of resources that can be devoted to the purchase of capital goods. C. reduces real GDP by decreasing consumption. D. increases a country's present standard of living.
The cross-price elasticity of demand between good X and good Y is -3. Given this information, which of the following statements is true?
A. The demand for goods X and Y is elastic. B. Goods X and Y are complements. C. Goods X and Y are substitutes. D. The demand for goods X and Y is income elastic.