Which of the following statements is FALSE?
A) A consumer has only one indifference curve.
B) A consumer possesses a preference map.
C) An indifference curve is a curve that shows the combination of goods among which a consumer is indifferent.
D) The marginal rate of substitution is the rate at which a consumer will give up good y to get more of good x and remain on the same indifference curve.
A
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A repurchase agreement of government securities by the Fed
A) permanently increases bank reserves. B) temporarily increases bank reserves. C) permanently reduces bank reserves. D) temporarily reduces bank reserves.
The concept that increased government spending will lead to lower investment and consumer spending is referred to as the
A) inflationary effect. B) crowding-out effect. C) aggregate demand effect. D) Keynesian effect.
The Federal Reserve Board of Governors consists of
a. 50 members selected by state legislatures b. 12 members, one from each Federal Reserve District c. 12 members nominated by the President and confirmed by the Senate d. seven members elected by Congress e. seven members nominated by the President and confirmed by the Senate
A tariff is a
A) legal limit on sales of a foreign product in the domestic market. B) regulation of the quality of a foreign product sold in the domestic market. C) tax on sales of a foreign product in the domestic market. D) voluntary limit on sales of a foreign product in the domestic market.