The Board of Governors of the Federal Reserve System is
A. composed of representatives from the country's 12 largest commercial banks.
B. composed of seven members who are appointed by the President and approved by the Senate.
C. elected by the general public.
D. composed of 12 members of the Senate and the U.S. House of Representatives.
Answer: B
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
The following table shows the demand for notebooks of four consumers
Price ($/unit) Consumer 1 Demand (units) Consumer 2 Demand (units) Consumer 3 Demand (units) Consumer 4 Demand (units) $8 8 6 9 10 $6 16 10 15 18 $4 20 13 21 24 $1 22 17 24 27 Define the term "market demand." If these four consumers constitute the entire market, calculate the market demand for notebooks at $1, $4, $6, and $8.
Domestic firms operating abroad may find it economically beneficial to adopt environment-friendly standards because
A) foreign nations may be upset if firms do not use the environment-friendly technology. B) the least-cost strategy usually involves the adoption of one set of environment-friendly technology rather than multiple standards. C) they may be forced to replace the old technology whenever the foreign country experiences positive economic development. D) their environment-unfriendly technology may be replaced by foreign-based technology. E) Only C and D are correct.
In the long run in a perfectly competitive industry
A) opportunity costs are negligible. B) economic profits will be zero. C) some firms will be experiencing economic losses. D) only entrepreneurs will earn more than their opportunity costs.