Members of Congress are able to influence monetary policy, albeit indirectly, through their ability to
A) withhold appropriations from the Board of Governors.
B) withhold appropriations from the Federal Open Market Committee.
C) propose legislation that would force the Fed to submit budget requests to Congress, as must other government agencies.
D) instruct the General Accounting Office to audit the foreign exchange market functions of the Federal Reserve.
C
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To have an ideal voting system in place, if a group is voting on option X versus option Y, this decision should not depend on any information or preference about another unconnected option, Z. In other words, which of the following criteria must be present in the voting system?
A. Independence of irrelevant alternatives B. Transitivity C. No dictator D. Unanimity
Profit can be maximized only where marginal revenue equals
a. average cost. b. total cost. c. marginal cost. d. average cost.
Suppose that a firm uses both labor (L) and capital (K) as inputs. The firm's long-run production function is Q = F(L,K) = 4?L?K. The firm has _____ units of capital. If the firm uses an efficient production method and hires _____ workers, it can produce _____ units of output.
A. 100; 100; 40,000 B. 100; 225; 90,000 C. 225; 100; 400 D. 225; 225; 900
What happens to the marginal product of additional cooks in a restaurant kitchen as more cooks are hired?
A. Marginal product will stay constant B. Marginal product will rise because each additional cook contributes to the production process C. Marginal product will eventually fall because the cooks will get in each other's way, reducing productivity D. We cannot know because marginal product depends entirely on the skills of the individual cooks