An economy eliminates a recessionary gap by reducing wages and prices.
Answer the following statement true (T) or false (F)
True
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The long-run average cost curve of a natural monopoly
A) is positively sloped until it crosses the demand curve. B) intersects the demand curve while it is negative sloped. C) intersects the demand curve while it is positively sloped. D) is the natural monopoly's supply curve. E) is the same as the natural monopoly's demand curve.
The United States, as it began its long and successful growth in the early 19th century, consciously promoted domestic production through such activities as tariffs, Clay's American System, and many direct subsidies to railroads, canal companies,
farmers (free land) etc. Today we view this blatant example of large scale and extensive import-substitution industrialization as having been very successful. Comment on this.
The interest rate charged for loans through the discount window is called the:
A. reserve rate. B. discount rate. C. prime rate. D. interest rate.
There are how many members of the Board of Governors in the Federal Reserve system?
A) 15 B) 12 C) 7 D) 4 E) none of the above