The main policy-making organ of the Federal Reserve System is the
A) Board of Governors.
B) Federal Reserve Bank presidents.
C) Federal Open Market Committee.
D) Joint Congressional Committee on Monetary Policy.
C
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It is important for a business firm to have a residual claimant because
A) income not claimed for accounting purposes is lost. B) otherwise surplus profits would set off a process of "profit inflation.' C) residuals account for as much as thirty percent of the wealth generated annually in the United States. D) some person must finally be liable for all corporate acts. E) the claimant produces an effective incentive to consider all costs and benefits relevant to a firm.
Which of the following statements about natural monopoly is correct?
A) Governments regulate natural monopolies in order to ensure that costs of production are minimized. B) Governments regulate natural monopolies in order to ensure that the firm earns a normal profit. C) Governments regulate natural monopolies in order to prevent them from making profits. D) Governments regulate natural monopolies in order to keep their workers from earning wages that are too high.
Perfect competition is defined as market structure in which:
a. there are many small sellers. b. the product is homogeneous. c. it is very easy for firms to enter or exit the market. d. all of these.
Which of the following is closest to the economist's definition of perfect competition?
a. the airline industry b. the soft drink industry c. the fishing industry d. cellular telephone service