In 1935, what changes were made to the Federal Reserve System?
(A) A central group of banks were authorized to lend to each other in times of need.
(B) There was an increase of Federal District Banks from 10 to 12 banks.
(C) The problems of regional banks were no longer the concern of Federal District Banks.
(D) The Federal Reserve System was given more centralized power.
Ans: (D) The Federal Reserve System was given more centralized power.
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If a polluting producer is forced to pay a pollution charge, what is the effect on the supply and demand curves for the product?
A) The quantity supplied along the firm's supply curve increases. B) The firm's demand curve shifts leftward. C) The firm's supply curve shifts rightward. D) The firm's supply curve shifts leftward. E) Both the supply curve and the demand curve shift leftward.
Young John recently took a job with the U.S. Department of Agriculture. His supervisor gave him an assignment and a two-week deadline. He finished the job in three days and turned it in. Now his coworkers are mad at John. Why?
Milton Friedman argued that there
A) are two Phillips curves, a short-run one and a long-run one. B) are three Phillips curves, a short-run one, a long-run one, and one in stagflation. C) is one Phillips curve, and it is vertical. D) is one Phillips curve, and it is nearly flat or horizontal.
What does the firm experience when workers are hired after the point at which supply and demand meet?
a. Marginal revenue product rises. b. Marginal productivity increases. c. Variable costs of labor are reduced. d. Additional workers are unprofitable.