The president of the Federal Reserve Bank of which district has a permanent vote in the Federal Open Market Committee?
a. San Francisco.
b. New York.
c. Chicago.
d. Atlanta
e. Boston.
B
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Which of the following is true of equilibrium?
A) Equilibrium refers to a situation where an economic agent can be made better off without making anyone else worse off. B) Equilibrium refers to a situation where the government allocates resources among economic agents. C) Equilibrium refers to a situation where all economic agents are making sub-optimal choices and have an incentive to change behavior. D) Equilibrium refers to a situation where all economic agents simultaneously optimize after considering each other's actions.
A positive externality causes
A) the marginal social benefit to be less than the marginal private cost of the last unit produced. B) the marginal private benefit to exceed the marginal social cost of the last unit produced. C) the marginal social benefit to exceed the marginal private cost of the last unit produced. D) the marginal social benefit to be equal to the marginal private cost of the last unit produced.
If net exports are negative
A) net foreign investment is positive. B) capital inflows must be less than capital outflows. C) net foreign investment is also negative. D) Both A and B are correct.
The shutdown point is the point at which price equals minimum average _____ cost and the quantity produced is that at which average _____ cost is at its _____.
A. variable; variable; minimum B. total; total; minimum C. fixed; fixed; maximum D. total; total; maximum