Which of the following directs the buying and selling of U.S. government securities?
A. Board of Governors
B. Federal Reserve Banks
C. Federal Open Market Committee
D. Federal Advisory Council
Answer: C
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Unlike implicit costs, explicit costs:
A. reflect opportunity costs. B. include the value of the owner's time. C. are not included in the accounting statement of the firm. D. are actual cash payments.
Answer the following statement true (T) or false (F)
1) The government's ability to force people to do things can increase economic efficiency. 2) Government's ability to enforce laws and contracts increases private-sector economic risks. 3) The invisible hand guides government's economic activity just as it does with private economic activity. 4) Because of the force of law and bureaucratic structure, government accountability is less of a problem than in the private sector.
The budget deficit/surplus projections for 2005 that were made in 2001 were wrong, because there was an
A. anticipated increase in immigration. B. anticipated increase in defense spending. C. unanticipated increase in interest rates. D. unanticipated increase in war-related spending.
The circular flow model of the economy shows
a. the flow of money, goods, and services between households and firms b. why specific flows occur c. the relationship between money and goods within households d. the relationship between resources and the prices of resources e. the flow of resources from households to firms