The primary responsibility of the Federal Open Market Committee (FOMC) is:
A. handling the Fed's collection of checks and adjusting legal reserves among banks.
B. issuing currency and acting as the fiscal agent for the federal government.
C. supervising bank operations to make sure they follow regulations and monitoring banks for fraud.
D. setting the Fed's monetary policy and directing the buying and selling of government securities.
Answer: D
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Indicate whether the statement is true or false
Suppose Robin's Clock Works produces in a perfectly competitive market. Suppose the average total cost of clocks is $95, the average variable cost of clocks is $90, and the price of clocks is $85. If the firm is producing the level of output where marginal cost equals price, then in the short run the firm:
A. should shut down. B. should continue to produce since total revenue exceeds total variable cost. C. is earning a positive economic profit. D. can increase profit by increasing output.
What type of economics would most typically deal with aggregates?
A) macroeconomics B) microeconomics C) labor economics D) environmental economics
Which English colony was the first permanent settlement in America?
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