Each Federal Reserve district bank is a corporation owned by
a. the member banks in the district.
b. the people of the United States.
c. the U.S. Department of the Treasury.
d. federal securities owners.
a
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Suppose that when the price of ice cream increases, Liza decreases her purchase of hot fudge. To Liza,
A) ice cream and hot fudge and substitutes. B) ice cream is a normal good and hot fudge is an inferior good. C) ice cream and hot fudge are normal goods. D) ice cream and hot fudge are complements.
By "specialization" economists mean a situation where
A) individuals produce the goods or services for which they have relatively the best ability. B) goods are traded directly for goods and money is not used. C) individuals who produce goods do not also produce services and individuals who produce services do not also produce goods. D) individuals are assigned to occupations on the basis of tests that gauge their relative abilities.
Jim's Nursery produces and sells $1100 worth of flowers. Jim uses no intermediate inputs. He pays his workers $700 in wages, pays $100 in taxes and pays $200 in interest on a loan. Jim's profit is
A) $100. B) $200. C) $400. D) $800.
The former communist countries of eastern Europe and the Soviet Union
A. have a better track record in environment protection than market economies. B. have a dismal environmental record. C. epitomize the ability of planned economies to protect the environment. D. have no water pollution problems.