Which of the following goods is least likely to be in a market basket?
A. Streetlamps
B. Airfare
C. Coffee beans
D. Shuttle service
Answer: A
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Which of the following is NOT a responsibility of the Board of Governors?
A) approving bank mergers B) determining permissible activities for bank holding companies C) carrying out open market operations D) setting the salaries of the presidents and officers of district banks
Which of the following is true of a net debtor nation?
a. It experiences a trade surplus for five consecutive years. b. It experiences a trade deficit for five consecutive years. c. It owes more to the rest of the world than it is owed. d. It owes less to the rest of the world than it is owed. e. It experiences persistent current account surplus.
All other things constant, when a small LED bulb manufacturing unit recruits a new worker, its weekly output increases from 40,000 bulbs to 44,000 bulbs. If the market price of each LED bulb is $1.50, the marginal revenue product of the new worker is: a. zero
b. $1,500. c. $6,000. d. $4,000.
If the percentage change in quantity supplied is 0%, and the percentage change in price is 5%, then the good is
A. perfectly inelastic. B. unit elastic. C. elastic. D. inelastic.