Which of the following is in charge of the buying and selling of government securities by the Fed?
a. The president. b. The Federal Open Market Committee.
c. The Congress. d. None of these.
b
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The reference base period for the CPI is
A) currently 1982 to 1984. B) currently 1913. C) whatever the political party that is in control of Congress decides. D) currently 2005. E) the previous year.
Drawbacks to using the establishment survey to calculate unemployment include all of the following except
A) the survey does not include information on self-employed persons. B) the survey may not include employment data at newly-opened firms. C) the survey provides no information on unemployment. D) the survey only includes data on full-time employees.
Suppose the production of DVD players can be represented by the following production function: q = L0.4K0.4. Which of the following statements is TRUE?
A) The production function has decreasing returns to scale. B) The production function has increasing returns to scale. C) The production function has constant returns to scale. D) Returns to scale vary with the level of output.
If three firms of similar sizes join to form a cartel, then it is most likely that
A) they will charge a common, higher market price. B) they will collectively produce more than before. C) all three firms will stop producing. D) all three firms will earn zero profits.