In 2012, the House of Representatives voted to have what type of audit of the Fed?
A) auditing of financial statements
B) auditing lending policy that took place during the financial crisis of 2007-2009
C) auditing of monetary policy decisions
D) auditing of personal finances of members of the Board of Governors
C
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Resources are divided into the following broad categories:
a. people, money, and machines b. saving, spending, investment, and capital c. human, technological, and government d. natural resources, labor, capital, and entrepreneurial ability e. free, scarce, abundant, and unlimited
Suppose Sam's Shoe Co. makes one kind of shoe. An example of a fixed cost for this company would be:
A. the needles for the sewing machines that need to be replaced after sewing every 1,000 pairs. B. the leather needed to make the shoes. C. the lease for the factory building. D. All of these are examples of fixed costs.
Suppose that MUx/Px exceeds MUy/Py. To maximize utility the consumer who is spending all her money income should buy:
A) less of X only if its price rises. B) more of Y only if its price rises. C) more of Y and less of X. D) more of X and less of Y.
If real Gross Domestic Product (GDP) is at an equilibrium level in a closed economy,
A. unplanned inventory accumulation will equal planned inventory accumulation. B. real GDP equals the sum of consumption and investment minus government purchases. C. real GDP equals the sum of consumption, investment, and government purchases. D. saving will be less than planned investment.