The Reserve Banks of the Federal Reserve System are owned by:
A. the U.S. Treasury.
B. the Board of Governors.
C. the commercial banks in their districts.
D. the taxpayers in their districts.
Answer: C
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Aggregate measures are
A) anything to do with economics. B) a total measure of a variable across the economy. C) used only in microeconomics. D) determined by the Bureau of Labor Statistics.
The labor supply curve is obtained by
a. summing the slopes of the marginal revenue product curves for individual firms b. summing the upward-sloping portions of individual workers' labor supply curves c. summing all individual workers' labor supply curves at each wage d. summing the downward-sloping portions of individual workers' labor supply curves e. averaging all individual workers' labor supply curves at each wage
Suppose hammers are produced in a perfectly competitive market. Ace Manufacturing is currently producing 1,000 hammers. It estimates that the marginal revenue of selling another hammer is $15, the marginal cost is $17, and the average total cost is $13 . From these figures, an economic consultant would conclude that Ace
a. is making an economic profit of $2,000 b. is maximizing total profit c. should produce more output d. should raise the price of a hammer e. will soon go out of business
Specialized task assignment's greatest cost is ignoring the foregone ________ across tasks.
A. lower cross-training costs B. complementarities C. flexibility D. comparative advantage