The Federal Reserve System consists of ________
A) eleven district banks and a board of governors
B) ten district banks and the FOMC
C) eleven district banks
D) twelve district banks and a board of governors
E) none of the above
D
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From a Keynesian perspective, a short-run decrease in investment spending will shift the aggregate
A) supply curve to the left. B) supply curve to the right. C) demand curve to the left. D) demand curve to the right.
Which of the following equations represents GDP for a closed economy?
a. Y = C + I + G + T b. S = I - G c. I = Y - C + G d. Y = C + I + G
If total expenditures fall at a given price level, then the
A) quantity demanded of Real GDP rises. B) quantity demanded of Real GDP falls. C) AD curves shifts to the right. D) AD curve shifts to the left. E) none of the above
If MP a /P a = MP b /P b and MRP a /P a = MRP b /P b > 1, this firm is:
A. producing its output with the least costly combination of resources but is not producing the profit-maximizing output. B. maximizing profits but failing to minimize costs. C. neither maximizing profits nor minimizing costs. D. combining resources a and b so as to minimize costs and maximize profits.