The members of the Board of Governors of the Federal Reserve are
A) elected by a vote of the Federal Reserve District Bank presidents.
B) appointed by the President of the United States with approval by the Senate.
C) appointed by the Congress with approval by the President of the United States.
D) elected by a general election of the citizens of the United States.
B
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According to liquidity preference theory, the opportunity cost of holding money is
a. the interest rate on bonds. b. the inflation rate. c. the cost of converting bonds to a medium of exchange. d. the difference between the inflation rate and the interest rate on bonds.
The slope of the budget constraint, when a consumer has reached optimal consumption of two goods, is equal to the
A. Total utility for the two goods. B. Marginal rate of substitution. C. Cross-price elasticity of the two goods. D. Marginal rate of indifference.
When a business is considered by law to be a legal entity, it is known as a
A) partnership. B) conglomerate. C) corporation. D) proprietorship.
What are the functions for MC and AC if TC = 40 + 10q + 5q2?
A) MC = 10q; AC = 10 + 5q B) MC = 10 + 10q; AC = 40/q + 10 + 10q C) MC = 10 + 10q; AC = 40/q + 10q2 D) MC = 20 + 10q; AC = 40/q + 10q