Members of the Board of Governors of the Federal Reserve System are
a. elected by member banks to serve four-year terms.
b. appointed by Congress for 14-year terms.
c. appointed by the president for 14-year terms.
d. appointed by the Supreme Court for lifetime terms.
c
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Ricardo likes to rent DVDs and attend concerts. The DVDs cost $4 and the concerts cost $40. Ricardo's marginal utility from the last DVD is 20 units. Ricardo is maximizing his utility. What is his marginal utility from the last concert he attended?
What will be an ideal response?
Which of the following is a major reason for offshoring?
a. Advances in information and communication technologies. b. The inability of companies to fragment production processes. c. The gradual decline in worldwide competition. d. All of the above are major reasons for offshoring.
Table 1.3 shows the hypothetical trade-off between different combinations of brushes and combs that might be produced in a year with the limited capacity for Country X, ceteris paribus.Table 1.3Production Possibilities for Brushes and CombsCombinationNumber of combsOpportunity Cost(Foregone brushes)Number of brushesOpportunity Cost (Foregone combs)J4 0NAK3 10 L2 17 M1 21 N0NA23 On the basis of Table 1.3, in the production range of 21 to 23 brushes the opportunity cost of producing one more comb in terms of brushes is
A. 4. B. 1/21. C. 1/2. D. 21/23.
Which of the following is true of the agricultural sector in developing countries??
What will be an ideal response?