The Fed is unlike other central banks in that it
a. has 12 branches.
b. is completely centralized.
c. has no real powers.
d. also has control over fiscal policy.
a
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Which of the following explains the cause of the change in the unemployment rate at the end of a recession?
A) Firms are hesitant to rehire laid off workers as they continue to operate below capacity. B) Discouraged workers leave the labor force, and this makes the unemployment rate rise. C) Discouraged workers return to the labor force, and this makes the unemployment rate fall. D) Firms rapidly hire new workers at the first sign of an increase in demand for their goods.
An essential characteristic of a perfectly competitive market is:
A. buyers and sellers have no control over the market price. B. sellers are selling unique products. C. buyers have complete control over the market price and sellers have none. D. sellers have complete control over the market price and buyers have none.
Which of the following explains how domestic consumers and domestic producers are affected by imports when free trade is allowed?
a. Domestic consumers gain more from imports than domestic producers lose. b. Domestic losses from imports are offset by gains within developing countries. c. Consumers and producers both benefit from imports when free trade is allowed. d. Consumer losses from imports are offset by gains experienced by producers.
Suppose that the percentage change in demand is 10%, the price elasticity of demand is 1, and the percentage change in the equilibrium price is 3.33%. What is the price elasticity of supply?
A. 0 B. 1 C. 2 D. 3