The chairman of the Federal Reserve Board of Governors:
A. Is elected by U.S. voters.
B. Will typically change following each presidential election.
C. Serves a four-year term and can be reappointed.
D. Is always closely tied to the same political party as the president.
C. Serves a four-year term and can be reappointed.
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Refer to Figure 9-3. What is the area of domestic producer surplus after the imposition of a quota?
A) B + C B) B + E + I + J + M C) B D) E + I + J + M
Allowing bank branching across state lines gives banks greater ability to coordinate bank operations. This makes it easier for them to receive the benefits of
A) the dual banking system. B) economies of scale. C) disintermediation. D) interest-rate irregularities.
Which of the following is true with regards to a long-run cost function?
a. The shape of the firm's long-run cost function is important in decisions to expand the scale of operations b. The long-run average cost curve is U-shaped c. The long-run average cost curve is flatter than the short-run average cost curve. d. The curve consists of the lower boundary of all the short-run cost curves e. All of the above
A person obtains income by selling the services of the resources that he or she owns
a. True b. False Indicate whether the statement is true or false