The central banking system of the United States:
a. Federal Reserve
b. National Bank of Washington D.C.
c. Dow Jones Stock Exchange
d. NASDAQ Exchange
Answer: a. Federal Reserve
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Suppose a monopolist's demand curve is P = 60 - Q, and its cost function is C = 10Q + 50 so its marginal cost is 10. If a governmental agency wished to set the price that maximized social welfare, that price would be
A) $10.00. B) $11.02. C) $14.57. D) $35.00.
If the inflation rate is lower than expected, real income is redistributed from lenders to borrowers
a. True b. False
In discussing government policy regarding foreign trade, an economist stresses the power that big U.S. corporations have over people in poor countries, a power that they can use to exploit the poor. This way of seeing the world is most compatible with:
A. mainstream economics. B. public choice economics. C. right-wing economics. D. Marxian economics.
What is minimum efficient scale? What is likely to happen in the long run to firms that do not reach minimum efficient scale?
What will be an ideal response?