There are _____ members of the Board of Governors of the Federal Reserve; each serves one _____ year term.
A. 7; 14
B. 14; 7
C. 7; 7
D. 14; 14
A. 7; 14
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When a country has a negative current account, that country is
A) borrowing from the rest of the world. B) lending to the rest of the world. C) running a government budget surplus. D) None of the above is correct.
In an oligopoly with two firms, one firm's share of the market is 70 percent. The Herfindahl-Hirschman Index is ________
A) 4,900 B) 0.7 C) 5,800 D) 100
User cost is equal to ________
A) interest cost plus the expected rate of change in the real price of capital plus depreciation B) interest cost minus the rate of depreciation C) interest cost minus the expected rate of change of the real price of capital plus depreciation D) interest cost plus depreciation
Economists refer to a monopoly that results from very high fixed costs as
A. a necessary monopoly. B. a simple monopoly. C. a natural monopoly. D. an unnatural monopoly.