The Board of Governors is made up of experts in:
A. banking.
B. international trade.
C. fiscal policy.
D. All of these are true.
A. banking.
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In which types of business do owners have unlimited personal liability and in which do owners have limited personal liability?
What will be an ideal response?
The price elasticity of supply is higher when
A. producers have less time to adjust to price changes. B. the product in question is a complementary good. C. the number of producers in the market increases over time. D. the number of buyers in the market increases.
If the price of a bottle of orange juice in the downtown orange juice market is $0.50 per bottle, vendors will happily sell orange juice in the market only if their cost per bottle is
A. greater than $0.50. B. zero. C. subsidized by the government. D. less than $0.50.
What do we mean by "property rights" and why are they important?
What will be an ideal response?