The Board of Governors of the Federal Reserve
A) is made up of seven members.
B) is a group of advisers reporting to the President.
C) is located in New York City.
D) members are appointed to four-year terms by the President and confirmed by the Senate.
E) all of the above
A
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The problem of scarcity
A. applies to market-based economies. B. applies to centrally planned economies. C. applies only to the economies of less-developed countries. D. applies to all of these economies, not just one type.
Americans buying Japanese cars create a
A) demand for U.S. dollars and supply of Japanese yen. B) demand for both U.S. dollars and Japanese yen. C) supply of U.S. dollars and demand for Japanese yen. D) supply of both U.S. dollars and Japanese yen.
Figure 4-17
Refer to . If the government imposes a price ceiling in this market at a price of $5.00, the result would be a
a.
shortage of 20 units.
b.
shortage of 10 units.
c.
surplus of 20 units.
d.
surplus of 10 units.
If the price is greater than the average variable cost, the firm should produce
A. where ATC is minimized. B. where AVC is minimized. C. zero. D. where MC=MR.