Members of the Federal Reserve System's Board of Governors
A) are elected for life.
B) hold 14-year staggered terms.
C) are a special subcommittee of the Senate.
D) are elected at large by district banks.
B
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Use the figure below to answer the following question.
What is the amount of total surplus (for society) after the government imposes the excise tax on the market?
A. $32 B. $96 C. $100 D. $64
The profit-maximizing level of output for any firm in a perfectly competitive market is to produce where:
A. MC > MR. B. MC < MR. C. MC = MR. D. MR = P*.
Suppose a competitive market has a horizontal long-run supply curve and is in long-run equilibrium. If demand decreases, we can be certain that in the short-run,
a. at least some firms will shut down. b. price will fall below marginal cost for some firms. c. price will fall below average total cost for some firms. d. at least some firms will enter the industry.
Net Investment includes Gross Investment minus what?
a. Aggregate Expenditure b. Net Exports c. Capital Goods d. Depreciation