Which of the following is not a policy instrument of the Fed?
A) Changing reserve requirements
B) Open-market operations
C) Changing the discount rate
D) Changing the federal government budget deficit
D
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The technique that estimates long-run costs and the minimum efficient scale by determining the scale of operation at which most firms in an industry are concentrated is called the:
A) engineering estimation technique. B) statistical cost estimation technique. C) survivor approach. D) back-of-the-envelope approach.
One major characteristic of the price system is that
A) consumers together are the ones who ultimately decide what is produced. B) individual sellers ultimately decide what is produced in the market. C) competition among sellers is reduced. D) all exchanges are regulated by the government.
Which of the following is included in GDP computation according to the income method?
a. Consumption b. Profits c. Investment d. Government spending e. Imports
In most countries, primary and secondary education is the responsibility of the
a. private business sector. b. religious institutions. c. government sector. d. household.