The Bank Act of 1935 restructured the Federal Reserve System (FRS) in which of the following ways?
(a) The FRS Board of Governors gained discretionary control over bank reserves and margin requirements for loans against securities.
(b) The Governor's Committee was renamed the Federal Open Market which was comprised of
12 members, 7 of whom were governors on the FRS Board.
(c) The secretary of the U.S. Treasury and comptroller of currency were removed from the
FRS Board.
(d) All of the above
(d)
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If the bank is selling euros for $0.74, then what is the implied euro price of the dollar?
A) 1.35 € B) 1.74 € C) 2.48 € D) None of these values are correct.
Scientists have developed a bacterium they believe will lower the freezing point of agricultural products. This innovation could save farmers $1 billion a year in crops now lost to frost damage. If this technology becomes widely used, what will happen to the equilibrium price and quantity in, for example, the potato market?
A. price will increase, quantity will increase B. price will decrease, quantity will decrease C. price will increase, quantity will decrease D. price will decrease, quantity will increase E. The change in equilibrium price and quantity is indeterminate.
Which of the following is not a reason why unionized firms can successfully compete with nonunionized firms?
A. Unionized firms are legally protected from price competition with nonunionized firms. B. Employee morale may be higher at unionized firms, so workers are more productive. C. Labor turnover is lower at unionized firms, so unionized firms have lower hiring costs. D. Communication between management and workers is better at unionized firms.
Figure 15.2 depicts a one-mile stretch of beach with 100 swimmers distributed evenly along the beach. There are two ice cream vendors - 1 and 2 - on the beach selling an identical product. Assume that each swimmer buys only one ice cream cone and that they prefer to buy ice cream from the nearest vendor. If vendor 1 is at A, and vendor 2 is at E, vendor 2 will gain the most customers by moving to:
A. a spot between A and B. B. B. C. C. D. D.