The Federal Reserve Board is responsible for
A. regulating privacy issues relating to health care providers.
B. protecting consumers from antitrust violations.
C. supervising the financial and monetary system.
D. maintaining adequate supervision of insurance companies.
Answer: C
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Which of the following is an example of comparative statics?
A) The estimation of the supply of a good when the wage rate of labor changes from $30 to $10 per hour B) The estimation of the ideal number of workers a firm should hire when wage rate is $20 per hour C) The estimation of the quantity demanded of a good when its price is $5 D) The estimation of the demand for a particular good when consumer income is $10
Refer to Table 2-20. What is Japan's opportunity cost of producing one pound of rice?
A) 0.04 units of a wristwatch B) 4 wristwatches C) 25 wristwatches D) 40 wristwatches
Carefully explain how, and under what conditions, an increase in foreign markets available to the United States computer producers would lead to an increase in economic well-being for consumers of computers in the United States.
What will be an ideal response?
Suppose a monopolistically competitive industry evolved into a perfectly competitive industry. Which of the following statements is correct?
A) The industry would produce more output and charge a lower price after the change. B) The industry would produce at decreasing returns to scale. C) Elasticity of demand for the firm's product would remain the same after this change occurred. D) This industry would produce the same level of output at lower prices in the long run than before the change.