When the Federal Open Market Committee (FOMC) votes on policy, they do so
A) in the following order: the chair, the vice chair, the remaining FOMC members in alphabetical order.
B) in order based on seniority at the Fed.
C) in the following order: the chair, the vice chair, the remaining FOMC members by seniority at the Fed.
D) in alphabetical order.
A
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Many golf courses charge members an annual membership fee as well as a fee each time they golf. One reason for this is
A) charging both fees allows the courses to transfer more producer surplus into profit than charging only an admission fee. B) golf courses do not want their members to overuse their fairways. Charging for each round of golf played reduces fairway maintenance costs. C) research has shown that charging both fees increases the likelihood that golfers will renew their memberships. D) charging both fees allows the courses to transfer more consumer surplus into profit than charging only an admission fee.
The market for a particular good is more likely to be local
a. the lower the cost of transporting the good and the greater the ease of communication between buyers and sellers b. the higher the cost of transporting the good and the greater the ease of communication between buyers and sellers c. the lower the cost of transporting the good and the greater the ease of determining the good's quality d. the lower the cost of transporting the good and the more difficult the communication between buyers and sellers e. the higher the cost of transporting the good and the more difficult the communication between buyers and sellers
The branch of economics that applies the principles and methodology of economics to the operation of the political process is known as
a. private choice analysis. b. public choice analysis. c. government operations analysis. d. policy preference analysis.
Which of the following will not cause the supply of labor curve to shift in the economics professor industry?
A) a decrease in the wage rate for Ph.D. economists in the banking industry B) a decrease in the number of courses a professor must teach C) Universities have discovered a way to make professors more productive. D) University professors are going to be required to spend more time in their offices.