The Federal Reserve System came into existence with the Federal Reserve Act of
A) 1877.
B) 1933.
C) 1965.
D) 1913.
E) 1922.
D
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At one point along a PPF, 10 pizzas and 7 sandwiches can be produced. At another point along the same PPF, 9 pizzas and 10 sandwiches can be produced. The opportunity cost of a pizza between these points is ________ per pizza
A) 7/10 of a sandwich B) 10/7 of a sandwich C) 1/3 of a sandwich D) 3 sandwiches
For the recession of 2007-2009, it took ________ for real GDP to return to its cyclical peak
A) about 18 months B) about 2 year C) about 3.5 years D) almost 5 years
If the price of beef jerky rises, the substitution effect due to the price change will cause
A) an increase in the demand for hot sauce, a complement for beef jerky. B) a decrease in the quantity of beef jerky demanded. C) an increase in the quantity of beef jerky demanded. D) an increase in the demand for beef jerky.
Suppose your college institutes a new policy requiring you to pay for a permit to park your car in a campus parking lot
a. The cost of the parking permit is not part of the opportunity cost of attending college if you would not have to pay for parking otherwise. b. The cost of the parking permit is part of the opportunity cost of attending college if you would not have to pay for parking otherwise. c. Only half of the cost of the parking permit is part of the opportunity cost of attending college. d. The cost of the parking permit is not part of the opportunity cost of attending college under any circumstances.