The Federal Reserve System is divided into:
a. 2 districts.
b. 12 districts.
c. 26 districts.
d. 50 districts.
e. 1 district.
b
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The supply of movie tickets at one theater's box office for this Saturday's 4:30 showing of a new movie is
A) perfectly elastic until all seats are filled. B) unit elastic. C) perfectly inelastic. D) elastic.
An accounting identity
A) ensures that all balances will be in equilibrium. B) is useless in analyzing balance of payments since one cannot tell from the identity whether an equilibrium exists or not. C) ensures a balance but does not ensure an equilibrium. D) applies only to plans of economic agents and not to their actual actions.
Rational voter ignorance can lead politicians to: a. favor programs with immediate and clear benefits and unclear and deferred costs
b. fail to take all the benefits and costs of a program fully into account in deciding on which policies to favor. c. do a poor job of overseeing the actions of public sector bureaus. d. all of the above
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD3 the result in the long run would be:
A. P2 and Y2. B. P1 and Y2. C. P4 and Y2. D. P1 and Y1.