The equation representing the consumption schedule for the economy is:
A. C = Y - .6S.
B. Y = C + S.
C. C = 60 + .4Y.
D. C = 60 + .6Y.
D. C = 60 + .6Y.
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Efficiency losses are
A) deadweight losses caused by consumers being prevented by tariffs from buying products at the world price, products that they value more highly than that price. B) the total loss in consumer surplus from a tariff. C) the increase in producer surplus that is created by a tariff. D) the deadweight loss that is created because domestic firms have to charge higher prices to produce units of output than foreign firms would have to charge.
Which of the following helps to determine a currency's international role as the dominant reserve currency?
A) amount of seigniorage B) policy goals of national monetary authorities C) size of the domestic economic activity relative to international trade D) All of the above
A consumer is said to be indifferent between two consumption bundles
A) when the consumer doesn't care about his or her consumption bundle. B) when the two bundles provide equal amounts of utility. C) when the consumer chooses the bundles equally often. D) when the consumer is indecisive.
The Federal Reserve Board of Governors consists of:
a. 50 members selected by state legislatures. b. 12 members, one from each Federal Reserve District. c. 12 members nominated by the President and confirmed by the Senate. d. seven members elected by Congress. e. seven members nominated by the President and confirmed by the Senate.