Members of the Federal Reserve Board of Governors are:
A. Appointed by Congress to staggered 14-year terms
B. Selected by the Federal Open Market Committee for 4-year terms
C. Appointed by the President to staggered 14-year terms
D. Selected by each of the Federal Reserve banks for 4-year terms
C. Appointed by the President to staggered 14-year terms
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If the government runs a budget deficit, then
A) national saving is negative. B) household but not business saving must pay for the deficit. C) part of household and business saving finances the deficit. D) national saving cannot fund investment.
Using a common resource:
A. creates a positive externality for others. B. maximizes total surplus. C. is an irrational decision. D. imposes a negative externality on others.
Maximum Feasible Hourly Production Rates (in Tons) of EitherWine or Beef Using All Available ResourcesProductArgentinaFranceWine (gallons)3060Beef (pounds)1030Use the above table. Assuming constant opportunity costs, a comparative advantage in producing beef is possessed by
A. Argentina. B. France. C. neither Argentina or France. D. both Argentina and France.
If employers were required by law to increase the wages paid to secretaries by 40 percent, which consequence could we most confidently predict?
A) More secretaries would be employed. B) Secretaries would begin to earn more than they are worth to their employers. C) The marginal value of secretaries would increase by about 40 percent. D) The total amount of wages paid to secretaries would decrease. E) The total amount of wages paid to secretaries would increase.