Who owns the Federal Reserve banks?
A) the private commercial banks in each district which are members of the Federal Reserve System
B) those households which have purchased stock in Federal Reserve System
C) the federal government
D) the governments of the states in which the banks are located
A
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Edward Denison's analysis of the American economy found that
A) total factor productivity was the largest source of economic growth since 1948. B) the contribution of labor growth has been more variable than the contribution of capital growth. C) productivity growth has been positive over every period of more than five years since WorldWar II. D) the contribution of labor growth has been greater than the contribution of capital growth.
The cycle of increased market demand that leads to ________ and then a(n) ________ in market price has caused many firms bankruptcy.
A) overexpansion; increase B) underexpansion; increase C) underexpansion; decrease D) overexpansion; decrease
A central feature of behavioral economics is
A. bounded rationality. B. perfect expectations. C. irrational expectations. D. people face no constraints in forming expectations.
Which of the following conditions is NOT necessary for a firm to be able to engage in price discrimination?I.The firm must be able to produce to the point at which price equals marginal revenue.II.The firm must easily be able to identify consumers with different demand elasticities. III.The firm must be able to prevent resale of the item it produces and sells.
A. I only B. III only C. Both I and II only D. Both II and III only