Who owns the Fed?
a. the federal government
b. the 50 state governments
c. the District Federal Reserve Banks
d. it has no ownership, which is why it is called independent
e. member banks
E
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In a mixed economy,
A. all economies choose an identical mix of private and public involvement in the economy. B. the government is more important than the private sector in generating output. C. there is some government influence over the workings of the free market. D. All of the responses are correct.
Suppose that the production function for the economy is Y = AK0.2L0.8. If the capital stock = 40,000, the quantity of labor = 10,000, and the efficiency index = 1, the marginal product of labor is
A) $0.80. B) $1.06. C) $1.32. D) $5.26.
Which of the following are policies that can affect cyclical unemployment?
a. adjust interest rates b. provide welfare assistance c. regulate hiring practices d. provide unemployment compensation
In early 1996, the upper Midwest suffered record cold, with wind chills of fifty degrees below zero or worse. Yet, grocery stores stocked fresh citrus fruit (obviously not grown locally). Why did grocers stock the fruit?
a. the desire for profit b. concern for their neighbors c. the need to dispose of excess production d. government orders to distribute fruit e. All of the above are correct.