A production possibilities frontier has a bowed shape if the opportunity cost is constant at all levels of output
a. True
b. False
Indicate whether the statement is true or false
False
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Why did fewer state banks choose to become or remain members of the Federal Reserve System during the 1960s and 1970s?
A) Nominal interest rates rose. B) The required reserve ratio rose. C) The discount rate rose. D) Open market operations declined.
Refer to Figure 6.1. Which of the following statements is false?
A) At point E the marginal product of labor is decreasing. B) At point E the marginal product of labor is negative. C) At point E the average product of labor is decreasing. D) At point E the average product of labor is negative. E) At point E the marginal product of labor is less than the average product of labor.
The chair of the Board of Governors of the Fed is appointed by the president
a. True b. False Indicate whether the statement is true or false
Objections to free trade
a. often come from those who are harmed by trade b. make no sense because everyone benefits from trade c. usually arise outside of the United States d. are not economically rational e. reflect a lack of understanding of the benefits of international trade