Which statement is true?
A. The most important job of the Federal Reserve is to control our money supply.
B. Our currency is issued by the United States Treasury.
C. There is a reserve requirement of 12% on all checking accounts.
D. None of the statements are true.
A. The most important job of the Federal Reserve is to control our money supply.
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Which of the following statements illustrates diminishing marginal utility?
a. An extra dollar of income to a poor person provides that person with more additional utility than does an extra dollar to a rich person. b. An extra dollar of income to a poor person provides that person with less additional utility than does an extra dollar to a rich person. c. An extra dollar of income to a poor person provides that person with the same additional utility as does an extra dollar to a rich person. d. An extra dollar of income to a poor person provides that person with the same total utility as does an extra dollar to a rich person.
The most effective way to reduce our current account deficit would be to
A. lower our service trade deficit. B. lower our merchandise trade deficit. C. raise our capital account surplus. D. lower our capital account surplus.
If a firm is producing where MR > MC
A. the firm is already maximizing profits because revenue is being increased by more than costs. B. the revenue gained by producing one more unit of output equals the cost incurred by doing so. C. the revenue gained by producing one more unit of output is less than the cost incurred by doing so. D. the revenue gained by producing one more unit of output exceeds the cost incurred by doing so.
The economic policy based on the incorrect theory that a nation's economic objective should be to accumulate precious metals in the public treasury is called _____
a. laissez-faire b. deficit financing c. socialism d. mercantilism e. capitalism