The chairman of the Federal Reserve's Board of Governors
A) controls the agenda of the Federal Open Market Committee meetings.
B) is the main point of contact between the Fed and the President of the U.S.
C) receives frequent background briefings on monetary policy issues from a large staff of economists and technical experts.
D) All of the above answers are correct.
D
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Which of the following sayings describes the concept of diminishing marginal utility?
a. time is money b. penny wise and pound foolish c. absence makes the heart grow fonder d. a penny saved is a penny earned e. a fool and his money are soon parted
Suppose Hank and Tony can both produce corn. If Hank's opportunity cost of producing a bushel of corn is 2 bushels of soybeans and Tony's opportunity cost of producing a bushel of corn is 3 bushels of soybeans, then Hank has the comparative advantage in the production of corn
a. True b. False Indicate whether the statement is true or false
Asymmetric information may cause
A. used goods in excellent condition to not be sold. B. used goods in poor condition to not be offered for sale. C. sellers with goods in excellent condition to accept prices below their willingness to sell. D. sellers with goods in excellent condition to ship the goods to other markets.
If product demand decreases and product price decreases,
A. the firm will move up the marginal revenue product curve and hire fewer units of the input. B. the firm will move down the marginal revenue product curve and hire more units of the input. C. the marginal revenue product curve will shift to the right. D. the marginal revenue product curve will shift to the left.