The Federal Reserve System was established
a. at the request of farmers to keep down interest rates.
b. because Americans believe in centralization of authority.
c. after four severe bank panics between 1873 and 1907.
d. as part of the Treasury Department.
c
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Variable costs are
a. the same as sunk costs b. irrelevant to decision making, because they are sunk c. the costs of inputs that vary with the level of production d. the costs of inputs that do not vary with the level of production e. the additional total cost associated with producing an additional unit of output
If the U.S. economy had grown faster than it actually did from 2009 to 2010, the unemployment rate would have been higher
a. True b. False Indicate whether the statement is true or false
In the IS-LM model, a decrease in government purchases leads to a(n) ______ in planned expenditures, a(n) ______ in total income, a(n) ______ in money demand, and a(n) ______ in the equilibrium interest rate.
Fill in the blank(s) with the appropriate word(s).
A nondiscriminating pure monopolist's demand curve:
A. lies above its marginal revenue curve. B. coincides with its marginal revenue curve. C. lies below its marginal revenue curve. D. is perfectly inelastic.