The Federal Reserve was founded by Congress in 1913 in response to
A. a request by President Franklin D. Roosevelt.
B. a financial panic in 1907.
C. the Great Depression.
D. the first World War.
Answer: B
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In economics the term utility refers to
a. the subjective benefit or satisfaction a person expects to receive from a choice or course of action. b. the number of possible uses for a resource. c. the fact that human desire for goods is unlimited while the resources available to meet those desires is limited. d. the highest valued alternative that must be sacrificed when a choice is made.
A significant difference between a monopolistically competitive firm and a purely competitive firm is that the:
A. former does not seek to maximize profits. B. latter recognizes that price must be reduced to sell more output. C. former sells similar, although not identical, products. D. former's demand curve is perfectly inelastic.
If a person is unemployed because their industry has moved to another country, economists refer to the person as
A. cyclically unemployed. B. frictionally unemployed. C. underemployed. D. structurally unemployed.
All of the following are sources of funding for capital goods in developing countries EXCEPT
A) portfolio investment. B) taxation. C) foreign direct investment. D) loans from banks.