Which of the following facilitates the movement of checks across the country?
a. Board of Governors
b. Treasury Department
c. Federal Open Market Committee
d. Federal Reserve Banks
e. Department of Commerce
D
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Use the following information on a hypothetical short-run production function to answer questions a-c
Units of Labor/Day 5 6 7 8 9 Units of Output/Day 120 140 155 165 168 The price of labor is $20 per day. Ten units of capital are used each day, regardless of output level. The price of capital is $50 per unit. a. Calculate the marginal and average variable product of each unit of labor input. b. Calculate total, average total, average variable, and marginal costs. c. Can you tell where diminishing marginal returns sets in?
If the government-imposed price of corn is greater than the market price,
a. the quantity of corn supplied will exceed the quantity of corn demanded. b. the quantity of corn supplied will be less than the quantity of corn demanded. c. the demand curve for corn will increase. d. the supply curve for corn will increase.
A duopoly is a form of oligopoly with two firms.
Answer the following statement true (T) or false (F)
Gasoline prices are rising because OPEC has cut the supply of oil they are willing to sell in the world oil market. You hear someone in a restaurant say that the government should put a ceiling on the price of gasoline to protect citizens from price gouging. Discuss the pros and cons of a price ceiling on gasoline.
What will be an ideal response?