The central authority of the U.S. banking system is the:
A. Federal Open Market Committee (FOMC).
B. Board of Governors of the Federal Reserve.
C. Federal Monetary Authority.
D. Council of Economic Advisers.
B. Board of Governors of the Federal Reserve.
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Economists assume that rational behavior is useful in explaining choices people make
A) because irrational people do not make economic choices. B) because individuals act rationally all the time in all circumstances. C) even though people rarely, if ever, behave in a rational manner. D) even though people may not behave rationally all the time.
A technological improvement can cause the production possibilities curve to shift outward because
A) it increases costs and contributes to lower production rates. B) maximum feasible outputs of both goods increase. C) production will fall, but jobs will be saved. D) it causes increases in unemployment.
Which type of audit evaluates the efficiency and effectiveness of organizational activities?
a. financial statement audit b. salary audit c. operational audit d. compliance audit e. integrated audit
Figure 14.2 represents the market for used cameras. Suppose buyers are willing to pay $125 for a plum (high-quality) used camera and $25 for a lemon (low-quality) used camera. If buyers believe that all of the used cameras in the market are lemons (low quality), what number of used cameras sold will actually be lemons (low quality)?
A. 10 B. 15 C. 20 D. 25