The Federal Reserve System was established in
a. 1980.
b. 1913.
c. 1864.
d. 1791.
b. 1913.
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For a country in autarky, the opportunity cost of the good on the horizontal axis is the same as
A) the relative price of the good on the vertical axis. B) the relative price of the good on the horizontal axis. C) the opportunity cost of the good on the vertical axis. D) Both A and C. E) None of the above.
The productivity slowdown in the United States from 1973 to 1995
A. can be explained easily with economic theory. B. continued into the third millennium. C. still confuses economists. D. was a continuation of the slowdown from 1948 to 1973.
According to the simple circular flow concept, whenever planned investment is less than planned saving
a. inventories accumulate. b. output increases. c. prices rise. d. employment increases.
A natural monopoly exists when one large firm can produce a product at a lower per unit cost than can smaller firms
a. True b. False Indicate whether the statement is true or false