The interest rate decisions made by the Federal Open Market Committee:
A. can be overridden by the U.S. Senate by a two-thirds majority.
B. can be overridden by the President.
C. cannot be overridden by anyone outside of the Federal Reserve.
D. can be overridden by the Secretary of the Treasury.
Answer: C
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If the market in the figure above is a profit-maximizing single-price monopoly, the producer surplus is the area ________
A) ABH B) BFGH C) ACG D) BDEH E) ACE
Great Bear Bank receives two new deposits of $100,000 and $140,000. If it has a required reserve ratio of 8 percent, how much of these deposits must Gold Bear keep in reserves?
a. $30,000 b. $120,200 c. $19,200 d. $220,800
List and briefly describe the five factors of production.
What will be an ideal response?
The word "util" has been used by economists in the past as an objective measure of utility. Today economists believe that
A) utility cannot be measured objectively. B) utility can be measured objectively because people can use prices of different goods to measure utility. C) all of the important conclusions of the economic model of consumer behavior depend on utility being measured objectively. D) the util truly is an objective, rather than a subjective, measure of utility.