A consumer's preferences for right shoes and left shoes can be represented by indifference curves that are
a. bowed out from the origin
b. bowed in toward the origin
c. straight lines
d. right angles
d
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In 1913, Congress and the President did not envision that the Fed would control
A) the money supply. B) discount loans. C) lender-of-last-resort activity. D) broad control over most aspects of money and the banking system.
When considering the factor distribution of income, which of the following income would go to owners of physical capital?
A. Corporate profits B. Proprietor Income C. Taxes D. Wages
Although there are barriers to entry in a monopolized industry, there are usually many close substitutes for the monopolist's product
a. True b. False
Monetarists and Keynesians
A. agree on the impact of fiscal policy on the economy. B. agree on the usefulness of discretionary policy. C. disagree on how the Fed changes money supply. D. disagree on the speed at which wages change.