The Federal Reserve banks are owned by:
a. the citizens of each Federal Reserve district.
b. the American people as a whole
c. the Federal Government.
d. commercial banks.
d
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Three arguments used to promote trade barriers are the national security argument, the infant-industry argument, and the dumping argument. Explain each of these arguments and evaluate whether each one has any flaws
What will be an ideal response?
Expansionary fiscal policy during a recession is most effective when it
a. creates jobs, even if they are on unproductive projects. b. directs the economy to full employment and resources into productive projects. c. substantially changes the composition of aggregate demand. d. provides members of Congress with large political contributions.
If there is an decrease in government purchases along with a decrease in the marginal tax rate on labor income, then:
a. the income effect would be toward a decrease in labor supply. b. the substitution effect would be towards an decrease in labor supply. c. the overall effect on labor supply is negative. d. all of the above.
As a result of moral hazard
A. both physicians and hospitals order more procedures. B. patients increasingly have to worry about the expense of operations and other medical procedures. C. physicians and hospital administrators have no incentive to raise costs. D. both physicians and hospitals have a financial interest in trying to keep hospital costs down.