The Federal Reserve System began operations in
A) 1834.
B) 1896.
C) 1914.
D) 1935.
C
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The indifference curves in the figure above (I1, I2, and I3 ) reflect Peter's consumption preferences
If Peter consumes 24 slices of pizza and 24 chocolate bars per month, he as satisfied as he would be consuming ________ slices of pizza and ________ chocolate bars per month. A) 48; 12 B) 40; 20 C) 32; 8 D) 16; 16
Suppose that Country A has an absolute advantage over Country B in the production of both wheat and cloth. The opportunity cost of 1 unit of wheat is 2 units of cloth in Country A and 3 units of cloth in Country B. It follows that production of both wheat and cloth will be maximized if
a. Country A specializes in cloth. b. Country A specializes in wheat. c. Country A produces both goods. d. both countries produce both goods.
An example of a market subject to adverse selection would be:
A. the used car market. B. the insurance market. C. the financial market. D. All of these statements are true.
How will price, output, and profit compare if firms maximize sales rather than profit?