Each Federal Reserve Note bears a seal placed to the left of George Washington on the $1 bill that identifies the
a. discount rate
b. legal reserve requirement
c. federal funds rate
d. value of M1
e. District Bank that issued it
E
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When the social cost of production is greater than the private cost, we have a
a. positive externality b. negative externality c. public good d. private good e. positive spillover
The Full Employment and Balanced Growth Act of 1978 set the target unemployment rate for the United States economy at 4 percent
a. True b. False
You notice that the price of butter falls and then rises. The best explanation for this is that:
A. demand for butter increased causing price to fall, which attracted other firms to enter the market causing supply to increase, which caused the price to go back up. B. demand for butter decreased causing price to fall, which attracted other firms to enter the market causing supply to increase, which caused the price to go back up. C. demand for butter decreased causing price to fall, which induced other firms to exit the market causing supply to decrease, which caused the price to go back up. D. demand for butter decreased causing price to fall, which attracted other firms to enter the market causing supply to decrease, which caused the price to go back up.
Refer to the graph below representing the purely competitive market for a product. When the market is at equilibrium, the total opportunity cost of producing the equilibrium output level would be represented by the area:
A. b + c
B. b
C. c
D. a + b + c