The Federal Reserve is ________ the U.S. Treasury.
A. independent of
B. a part of
C. a creation of
D. under the control of
Answer: A
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Hot dog vendors on the beach fail to cooperate with one another on the quantity of hot dogs they should sell to earn monopoly profits. A consequence of their failure is that, relative to the outcome the vendors would like, (i) the quantity of hot dogs supplied is closer to the socially optimal level. (ii) the price of hot dogs is closer to marginal cost. (iii) the hot dog market at the beach is
less competitive. a. (i) and (ii) b. (ii) and (iii) c. (i) and (iii) d. (iii) only
According to the Coase theorem, under which conditions can private parties solve the problem of externalities?
a) if the cost of bargaining is small b) if the initial distribution of rights favours the person being adversely affected by the externality c) if the number of parties involved is sufficiently large d) if the number of parties involved is sufficiently small
The law of demand states that there is a negative relationship between price and quantity demanded, ceteris paribus.
Answer the following statement true (T) or false (F)
If the variable on the vertical axis increases by 24 and the variable on the horizontal axis decreases by 3, the slope of the line is:
A. -24. B. -8. C. 3. D. 72.