The Federal Reserve System was established in 1913 in response to the
A) First World War.
B) bank panic of 1907.
C) depression of 1883.
D) prosperity of the 1920s.
Ans: B) bank panic of 1907.
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Deviations of the actual unemployment rate away from the natural rate are
A) the monetary rule. B) cyclical unemployment. C) structural unemployment. D) frictional unemployment.
By making involuntary exchanges illegal,
a. criminal law eliminates such exchanges b. tort law contributes to economic efficiency c. criminal law channels energies into activities that benefit everyone d. criminal law reduces producer surplus while increasing consumer surplus e. antitrust law contributes to monopolization of markets
Takeover bids (and the potential for such bids)
a. increase the incentive of corporate managers to perform efficiently. b. increase the likelihood that managers will be able to gain at the expense of stockholders. c. are more likely to occur when a company is producing efficiently and operating profitably. d. serve no useful economic purpose.
Goods that are excludable include both
a. club goods and public goods. b. public goods and common resources. c. common resources and private goods. d. private goods and club goods.