One thing that is not true about cooperatives is that they
a. put out raw materials, like wool and cotton, to rural households that turn it into finished products
b. pool resources to buy and sell more efficiently
c. try to minimize costs
d. operate with limited liability of members
e. enjoy tax-exempt status
A
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The figure above illustrates the marginal private cost and the marginal social cost to the city of Seattle for each rock concert that is offered. Suppose the marginal private cost of the 5th concert is $10,000. Then, for the 5th concert, the
A) marginal external cost equals $30,000. B) marginal social cost equals $30,000. C) marginal external cost equals the marginal private cost. D) marginal external cost equals $40,000. E) marginal external cost equals $10,000.
Which of the following is true about the Federal Reserve and its ability to prevent recessions? The Federal Reserve
A) can fine tune the economy and realistically hope to keep the economy from experiencing recessions. B) cannot realistically fine tune the economy and has little to no effect on the magnitude and length of recessions. C) cannot realistically fine tune the economy, but seeks to keep recessions shorter and milder than they would otherwise be. D) does not try to eliminate recessions, but instead focuses on preventing inflation.
The Fed uses a "core" price index, one that excludes food and energy prices to measure inflation. It does so because
A) food and energy prices have wide swings that are not related to the causes of general inflation. B) food and energy have inelastic demand curves and consumers will buy them regardless of their price. C) food and energy prices do not change all that much during the short run, so are irrelevant to the calculation of inflation. D) it wants to avoid the blame for high gasoline prices causing inflation.
Under the Dawes Act of 1887,
a. nearly 100 million acres of Indian territories were opened for public purchase. b. "squatters" rights were legally recognized. c. substantial tracts of land were granted to western railroads. d. 160 acres was granted to anyone who agreed to plant trees on at least 40 acres.