The nucleus of the Federal Reserve System is
a. its Board of Governors, which meets in Washington, D.C.
b. the Committee of Wall Street, which convenes in New York
c. the Discount Rate Committee
d. the Thrift Institutions Advisory Council
e. the Council of Economic Advisers, which meets regularly with the President
A
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Which of the following programs would be opposed by philosopher John Rawls?
a. a negative income tax b. the Supplemental Security Income (SSI) program c. a tax plan creating a perfectly egalitarian income distribution d. Rawls would oppose all of the programs.
An industry that realizes such large economies of scale in producing its product that single-firm production of that good or service is most efficient is called a(n)
A. fixed cost monopoly. B. patent monopoly. C. economies of scale monopoly. D. natural monopoly.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point D to Point B, the opportunity cost of hybrid cars, measured in terms of motorcycles,
A. initially increases, then decreases. B. increases. C. remains constant. D. decreases.
Pappy's Popcorn Emporium operates in a perfectly competitive industry and hires you as an economic consultant. Pappy's is currently producing at a point where market price equals its marginal cost. Its total revenue exceeds both its total variable cost and its total cost. You advise Pappy's to
A. raise its price so that it can increase its profit. B. cease production immediately because it is incurring a loss. C. continue to produce in the short run to maximize its profit. D. lower its price immediately in anticipation of new firms entering the industry.