How many members are there on the Board of Governors of the Federal Reserve?
a. 12
b. 50
c. 7
d. 4
e. 14
C
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What would happen if a corporation goes out of business?
What will be an ideal response?
The agreement that established Spain and Portugal's rights to explore various parts of the world was called:
a. the Treaty of Spain. b. the Treaty of Paris. c. the Treaty of Tordezillas. d. the Spanish-Portuguese Covenant. e. the London Accord.
Suppose an American worker can make 50 pairs of gloves or grow 300 radishes per day. On the other hand, a Bangladeshi worker can produce 100 pairs of gloves or grow 200 radishes per day. Using the concepts of absolute and comparative advantage, we can say that the United States has the comparative advantage in:
A. the production of both gloves and radishes. B. neither the production of gloves nor radishes. C. the production of gloves only. D. the production of radishes only.
Which of the following is an example of consumer sovereignty?
a. People must pay a portion of their wages to social security. b. Car manufacturers change vehicle body styles in response to sales. c. Federal tax rates are based on a person’s earnings. d. Companies often donate products to help with disaster relief.