An example of a standardized good is:
A. iron.
B. cereal.
C. soda.
D. pizza.
Answer: A
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The voting members of the Open Market Committee are
a. the 7 Governors of the Federal Reserve System. b. the 12 presidents of the Federal Reserve Banks. c. the 7 Governors and the Chairman of the Council of Economic Advisors. d. the 7 Governors and 5 of the presidents of the 12 regional Federal Reserve Banks.
Assume Diana buys computers in a competitive market. It follows that
a. Diana has a limited number of sellers to turn to when she buys a computer. b. Diana will find herself negotiating with sellers whenever she buys a computer. c. if Diana buys a large number of computers, the price of computers will rise noticeably. d. None of the above is correct.
Suppose the quality of televisions changes over time, but the quality change goes unmeasured for the purpose of computing the consumer price index. In which of the following instances would the bias resulting from the unmeasured quality change be most severe?
a. The quality of televisions deteriorates and televisions become more expensive relative to other goods. b. The quality of televisions improves and televisions become less expensive relative to other goods. c. The quality of televisions improves and televisions become more expensive relative to other goods. d. The quality of televisions deteriorates and the price of televisions relative to other prices remains unchanged.
Total cost schedule for a competitive firm: 
If market price is $60, what is the maximum profit the firm can earn?
A. $75 B. -$10 C. Zero profit, the firm shuts down D. $85 E. $80