Answer the following questions true (T) or false (F)
1. The Federal Reserve System is comprised of the Board of Governors in Washington, D.C. and ten district banks located throughout the country.
2. The current Chair of the Board of governors is Paul Volker.
3. Business cycles reflect periods of recession and contraction.
1. FALSE
2. FALSE
3. FALSE
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What is the measure of the income earned by owners of resources used in making final goods and services?
a. personal income b. national income c. retained earnings d. gross domestic income
"Anticompetitive practices" are actions by a powerful firm that:
a. threaten to destroy competitors b. force competitors to compete less vigorously c. prevent the entry of new rivals. d. all of these are true.
Suppose the official unemployment rate is 10 percent. Which of the following is a definite conclusion to draw?
What will be an ideal response?
Exhibit 7-12 Marginal revenue and cost per unit curves
?
As shown in Exhibit 7-12, if the firm's price is OD, the firm will supply
A. zero units of output because it is unprofitable. B. X units and incur a loss. C. Y units and break even. D. Z units and make an economic profit.