What is the main reason the Fed operates in a political arena?
A) It lacks a constitutional mandate.
B) The members of the Board of Governors must run for reelection every fourteen years.
C) The members of the Board of Governors are typically prominent politicians.
D) It is under the direct control of Congress.
A
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The sum of all the net benefits received by the parties to a transaction is called
A) consumer surplus. B) producer surplus. C) cooperative surplus. D) deadweight loss.
Refer to the graph shown. Which supply curve is unit elastic?
A. A B. B C. C D. D
Refer to the information above. If an economy can raise its annual real GDP growth rate from 1.8 percent to 2.4 percent, its real GDP doubling time is reduced by ________ years
A) 30 B) 24 C) 10 D) 43.2
In the short run, a monopolist will always shut down when
a. total cost is greater than total revenue at all output levels b. total variable cost is greater than fixed cost c. total revenue is greater than total variable cost at all output levels d. fixed cost is greater than total revenue at all output levels e. total variable cost is greater than total revenue at all output levels