The body that directly oversees the 12 regional Federal Reserve banks is the:
A. Federal Open Market Committee.
B. U.S. Congress.
C. Board of Governors.
D. Federal Advisory Council.
Answer: C
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Because Don has health insurance, he is more likely to see the doctor when he has a cold. This is an example of
A) adverse selection. B) moral hazard. C) both moral hazard and adverse selection. D) private information.
A firm should always shut down if its revenue is
A) declining. B) less than its average fixed costs. C) less than its total costs. D) less than its avoidable costs.
Marginal cost is defined by the slope of the total revenue curve
a. True b. False Indicate whether the statement is true or false
The gravity equation uses a calculation to predict the level of bilateral trade based directly on ____ and inversely on _____.
a. wages; technology b. size of the countries' GDP; the geographic distance between the countries c. the percent of the countries' GDP in manufacturing; their level of tariffs d. the growth rates of the countries' GDP; their openness to trade