When Congress established the Federal Reserve in 1913, what was its main responsibility? When did Congress broaden the Fed's responsibilities?
What will be an ideal response?
When Congress established the Fed in 1913, the main responsibility of the Fed was to prevent bank panics by making discount loans to banks. Congress broadened the Fed's responsibilities in the aftermath of the Great Depression.
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In the long-run equilibrium for a perfectly competitive market, firms will choose the level of output where
a. profit is minimized b. short-run average total cost is minimized c. long-run average total cost is minimized d. short-run profit is maximized e. long-run average fixed cost is minimized
Consumption consists of spending by households on goods and services, with the exception of
a. purchases of intangible services. b. purchases of durable goods. c. purchases of new houses. d. spending on education.
The formula for the marginal product of labor is
A. (?L)(?q). B. q/L. C. ?q/?L. D. L/q.
An efficient allocation of resources requires that a product's price equal its average cost
a. True b. False Indicate whether the statement is true or false