Decisions regarding purchases and sales of securities by the Fed are made by:
a. FDIC
b. Discount Committee.
c. Federal Open Market Committee.
d. Federal Funds Committee.
c
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When the price of a burrito increases from $2 to $4, the quantity demanded decreases from 50 to 40. Using the midpoint method, the price elasticity of demand equals
A) 1/3. B) 3. C) 2. D) 1. E) 1/2.
As an example of the simplifications that make economic theorizing possible, the major economic "totals" are assumed to be constant in the study of
A) government budget deficits. B) macroeconomics. C) economic aggregates. D) microeconomics. E) unemployment and inflation.
In the circular-flow diagram,
a. profit flows from households to firms. b. labor flows from households to firms. c. services flow from households to firms. d. All of the above are correct.
The manager of the customer service department at a bank can hire employees with a high school degree (HS) who earn $10,000 annually or employees with a bachelor's degree (B) who earn $20,000. The manager wants to maximize the number of customers served given a fixed payroll.
Given the above info, if the manager's payroll is $120,000, what should be done to maximize the number of customers served?
A. Hire four HS and four B. B. Hire six HS and three B. C. Hire five HS and five B. D. Hire two HS and five B.