The Board of governors of the Fed
A. are appointed by the House of Representatives.
B. has 12 members.
C. is headquartered in Washington, D.C.
D. have a 7-year term.
Answer: C
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What is typically not considered a characteristic of a central bank?
a. The bank backs its currency with gold or silver. b. The bank has considerable control over the stock of money and uses this control to moderate fluctuations in credit conditions and prices. c. The bank regulates other banks. d. The bank lends a lot of money to the government. e. The bank serves as a lender of last resort to other banks by lending them money when no one else will.
Which of the following statements is not true?
a. Price elasticity of demand for basic foods is low. b. When price elasticity of demand is very high, we say there is brand loyalty. c. The availability and price of substitutes affect the elasticity of demand for a good or service. d. When goods have very low prices, the elasticity of demand is usually quite low. e. Elasticities increase as the price of the good increases.
Assume that when a lamp manufacturer decreases its price its total revenue does not change. What do we know?
A. Demand is price inelastic. B. Demand is price elastic. C. Demand is unit elastic. D. Demand is perfectly price elastic.
A specific tax in a monopoly market equal to the marginal harm of pollution
A) will increase welfare. B) will decrease welfare. C) will leave welfare unchanged. D) All of the above are possible.