Which of the following is not one of the functions of the Federal Reserve?
A. clearing checks
B. printing currency
C. supervising and regulating banks
D. controlling the money supply
Answer: B
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When production of a good results in an external cost, the unregulated competitive market equilibrium is inefficient because ________
A) MSC = MC B) MSC = MB C) MSC > MB D) MSC < MB E) MSC is undefined
When the price level in France increases while the exchange rate and the price level in the United States remain the same, the result is
A) U.S.-made goods become relatively cheaper compared to French-made goods. B) French citizens are more likely to buy U.S.-made goods. C) U.S. citizens are less likely to buy French-made goods. D) All of the above answers are correct.
The ratio of a change in consumption to a change in income is the:
a. consumption function. b. propensity to consume. c. average propensity to consume. d. extra propensity to consume. e. marginal propensity to consume.
Minimum wage laws
a. may encourage some teenagers to drop out and take jobs. b. create labor shortages. c. have the greatest impact in the market for skilled labor. d. All of the above are correct.