The Federal Reserve Act of 1913 tasked the central bank with which of the following purposes?
a) To establish more effective supervision of the banking system in the United States.
b) To keep inflation high.
c) To keep employment low.
d) To provide employment in the federal government.
Ans: a) To establish more effective supervision of the banking system in the United States.
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The technique that addresses the problem of assigning inputs to specific industries is
A. known as laissez faire. B. input-output analysis. C. cost-benefit analysis. D. a production possibilities frontier.
Four companies dominate the market for robotic lawn mowers. Each company takes a different action. Which action is most likely to present a barrier to potential entrants to the industry?
a. Firm A obtains a patent on the technology it uses in its robots. b. Firm B discovers a cost-saving process that also speeds production. c. Firm C becomes the price leader in the industry and raises its prices. d. Firm D uses game theory strategies to predict the actions of its rivals.
A firm is producing output less than the output associated with the minimum point on the firm’s short run average variable cost curve. At this level of output the firm uses its fixed capital input ________ and its variable labor input _________.
A) at the lowest average cost; at the lowest average cost B) at the lowest average cost; at a higher than the lowest average cost C) at a higher than the lowest average cost; at the lowest average cost D) at a higher than the lowest average cost; at a higher than the lowest average cost
The production function Q = L.5K.5 is called:
A. linear. B. Cobb Douglas. C. Leontief. D. None of the answers are correct.