Use the following table to answer the question below. Dave's Production Possibilities SchedulePounds of Green BeansPounds of Corn0160201204080604080 0Dave's production possibilities schedule demonstrates that
A. he can produce as much as he wants.
B. he does face scarcity.
C. he does not face scarcity.
D. he can produce an unlimited amount of green beans if he gives up enough corn.
Answer: B
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Each of the following is an example of an economic resource except
A. land. B. money. C. capital. D. labor.
All of the following help make the Fed independent of the political process EXCEPT
A) financial independence. B) chair of Fed receives a lifetime appointment. C) Board members receive a long, nonrenewable appointment. D) Board members' terms expire at different times, reducing the possible number of appointees by any one president.
Which of the following is the formula used for computing economic profits?
A) economic profits = total revenue - implicit costs B) economic profits = total revenue - (implicit costs + explicit costs) C) economic profits = total costs - total revenue D) economic profits = total revenue - explicit costs
If a $1 million open market purchase by the Fed generates a new deposit at a bank that immediately causes the bank's reserves held at the Fed to increase by $1 million, then the T-account effects are that the bank's assets and liabilities ________ by $1 million and that the Fed's assets and liabilities ________ by $1 million.
A. increase; increase B. increase; decline C. decline; decline D. decline; increase