Members of the Federal Reserve Board of Governors are appointed to 14-year terms to provide a level of isolation from political influence.
a. true
b. false
a. true
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In South Asia and Sub-Saharan Africa, about what share of the labor force works in agriculture?
(a) One tenth. (b) One third. (c) One half. (d) Two thirds.
Measured in BTUs per dollar of real GDP, energy consumption fell by only 5 percent between 1970 and 1975, but had fallen by almost 30 percent by 1990 . These figures illustrate the fact that
a. energy demand does not respond to price changes in the short run. b. energy demand does not respond to price changes in the long run. c. energy demand is more elastic in the short run than in the long run. d. energy demand is more elastic in the long run than in the short run.
What is an inverse demand function? If the demand for a firm's product is given by the expression Q = 600 - 3P, what is the firm's inverse demand function? By how much would the firm have to change its price in order to increase sales from 300 units to 450 units?
What will be an ideal response?
The theory of the firm is based on the following two key assumptions:
a) Firms seek to maximize profits, and the firm is a single, consistent decision-making unit. b) Firms seek to become as large as possible, and they seek to maximize total revenue. c) Firms seek to maximize revenues, and to maximize undistributed profits. d) Each firm has a highly diversified product, and this leads to profit maximization. e) Firms seek to maximize profit, and to distribute the maximum value in dividends.