The Federal Open Market Committee (FOMC)
A. determines the tax policy of the government.
B. lends to the least credit-worthy customers.
C. oversees all transactions on the stock market.
D. influences the future growth of the money supply.
Answer: D
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A rightward shift of the demand curve will lead to a(n)
A) increase in equilibrium price. B) excess demand at the old equilibrium price. C) increase in quantity supplied. D) All of the above.
In business, the "bottom line" refers to the very last line of a(n):
A. income statement, which shows profit. B. balance sheet, which shows profit. C. income statement, which shows total revenue. D. balance sheet, which shows total income.
Which of the following describes a differentiated product?
a. A product that consumers perceive as distinctive in some way b. A product that lacks many competitors in a market or industry c. A product that is produced and sold in a niche market d. A product that is produced by a natural monopolist
Suppose that when the price of hot dogs is $2 per package, there is a demand for 10,000 bags of hot dog buns. When the price of hot dogs is $3 per package, the demand for hot dog buns falls to 8,000 bags. What is the cross-price elasticity of demand for hot dogs and hot dog buns?
A. -0.4 B. -0.25 C. 4 D. 0.25