When the Fed purchases artwork to decorate the conference room at the Federal Reserve Bank of Kansas City
A) reserves rise, but the monetary base falls.
B) reserves fall.
C) currency in circulation falls.
D) the monetary base rises.
D
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Which of the following inputs can be changed in the short run?
A) Machinery B) Land owned C) Office Space D) Labor employed
Sally and Harry both work at the local factory producing cars. Sally earns $22 per hour working the day shift, and Harry earns $25 per hour working the night shift. Sally and Harry do the same job, have the same experience, and have the same level of education. This means that the
a. higher-paying job has a compensating wage differential of $3 per hour. b. higher-paying job has a compensating wage differential of $25 per hour. c. higher-paying job is intrinsically more attractive than the lower-paying job. d. factory is discriminating against Sally because she is a woman.
The International Nickel Company of Canada is often cited as an example of monopoly. What was the source of the barrier to entry that gave this firm monopoly power?
A) It was a public enterprise; therefore, the Canadian government blocked entry into the market for nickel. B) There were important network externalities in the production of nickel. C) Economies of scale resulted in the company becoming a natural monopoly. D) control of a key resource
Refer to Scenario 9.3 below to answer the question(s) that follow. SCENARIO 9.3: Investors put up $520,000 to construct a building and purchase all equipment for a new restaurant. The investors expect to earn a minimum return of 10 per cent on their investment. The restaurant is open 52 weeks per year and serves 900 meals per week. The fixed costs are spread over the 52 weeks (i.e. prorated weekly). Included in the fixed costs is the 10% return to the investors and $1,000 per week in other fixed costs. Variable costs include $1,000 in weekly wages and $600 per week for materials, electricity, etc. The restaurant charges $5 on average per meal. Refer to Scenario 9.3. Total revenue per week is
A. $3,000. B. $4,000. C. $4,500. D. $8,100.