The Federal Open Market Committee (FOMC):
A. Provides advice on banking stability to the Fed
B. Monitors regulatory banking laws for member banks
C. Sets policy on the sale and purchase of government bonds by the Fed
D. Follows the actions and operations of financial markets to keep them open and competitive
C. Sets policy on the sale and purchase of government bonds by the Fed
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Which population category equals the sum of employed and unemployed people?
A) working-age population B) labor force C) young and institutionalized D) not in the labor force
Which of the following is one reason why the income of small family farms has decreased over time?
A) The demand for farm products is price elastic. B) The U.S. population has increased greatly since 1950. C) The demand for farm products is income inelastic. D) Technology has increased farm productivity and market supply.
Refer to the above table. If opportunity costs are constant and both countries produce only the goods for which they have comparative advantages and then trade, hourly world output would equal
A) 4 units of product A and 4 units of product B. B) 8 units of product A and 4 units of product B. C) 8 units of product A and 8 units of product B. D) 12 units of product A and 8 units of product B.
The marginal cost of extraction of a nonrenewable resource increases with passage of time because:
a. the technology used in extraction depreciates in value. b. the price of the product that uses this resource decreases. c. the exchange rate in the international market appreciates. d. the tragedy of commons problem arises. e. the resource gradually becomes scarce.