The Federal Reserve System was established by the Federal Reserve Act of
A. 1913.
B. 1945.
C. 1955.
D. 1933.
Answer: A
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In a small, agricultural nation, consumers buy only steak and potatoes. In 2009, the base year, the typical consumer spent $potatoes on strawberries and $100 on steak. The price of potatoes is $1 and the price of steak is $2 in 2009
In 2009, the price of potatoes is $2 and the price of steak is $1. The CPI for 2010 is A) 80. B) 125. C) 100. D) 110. E) 25 percent.
A good that entails relatively high fixed costs associated with the use of knowledge and other information-intensive inputs as key factors of production is
A) a logo good. B) a search good. C) a persuasive good. D) an information product.
Because of their brand names, Kodak, IBM, Honda, Daimler-Chrysler, and other well-known firms are able to charge significantly higher prices for their products than their competitors without losing any business. Expenditures made by firms to create brand names:
a. are always inefficient. b. provide reliability to consumers. c. lead to monopolies. d. necessarily lead to deadweight losses. e. would not exist if information was less costly for firms to obtain than consumers.
Total surplus is represented by the area below the
a. demand curve and above the price. b. price and up to the point of equilibrium. c. demand curve and above the supply curve, up to the equilibrium quantity. d. demand curve and above the horizontal axis, up to the equilibrium quantity.