Which of the following statements best describes the political control of the Federal Reserve?
a. Policy decisions of the Fed do not require congressional approval, and the president cannot ask for the resignation of a Federal Reserve governor as the president can with cabinet positions.
b. Policy decisions of the Fed require congressional approval, but the president cannot ask for the resignation of a Federal Reserve governor as the president can with cabinet positions.
c. Policy decisions of the Fed do not require congressional approval, and the president can ask for the resignation of a Federal Reserve governor as the president can with cabinet positions.
d. Policy decisions of the Fed require congressional approval, and the president can ask for the resignation of a Federal Reserve governor as the president can with cabinet positions.
a. Policy decisions of the Fed do not require congressional approval, and the president cannot ask for the resignation of a Federal Reserve governor as the president can with cabinet positions.
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As a firm expands into overseas markets, information problems and the complexity of operating within many varied cultures and economies may result in
a. constant returns to scale b. diminishing marginal returns c. declining long-run marginal cost d. diseconomies of scale e. economies of scale
In the long run, firms in a perfectly competitive market produce:
A. where average variable costs are minimized. B. at a quantity with positive economic profits. C. where price equals marginal cost. D. where MC is at its lowest point.
Trying to project total federal revenues and outlays over the next 50 years represents educated guesses at best
a. True b. False
This graph illustrates the marginal costs and marginal benefits of acquiring information before making a major purchase.
Suppose this graph describes a town in which the only way to gather any information about the good is through Consumer Reports. If the subscription price of Consumer Reports increases, then the impact of this could be portrayed by the marginal:
A. cost curve shifting from MC0 to MC1. B. benefit curve shifting from MB1 to MB0. C. cost curve shifting from MC1 to MC0. D. benefit curve shifting from MB0 to MB1.