The Federal Reserve is the nation's central bank. Therefore, does it provide banking services to individual citizens?
What will be an ideal response?
No, because it is the nation's central bank, the Federal Reserve provides banking services to the nation's banks but not to individual citizens.
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The U-shape of the average variable, average total, and marginal cost curves reflects
A) increasing marginal returns. B) decreasing marginal returns. C) both increasing and decreasing marginal returns. D) decreasing marginal product. E) the point that implicit costs become a smaller fraction of total cost as output increases.
In 1997, the Hong Kong government slaughtered 1.3 million chickens, ducks, and geese in hopes of protecting humans from contracting the virus carried by these fowls. The slaughter's effect on Hong Kong's economy, although minor, still shifted Hong Kong's
a. AS curve to the right, which would raise the price level and lower real GDP b. AS curve to the right, which would lower the price level and raise real GDP c. AS curve to the left, which would raise the price level and lower real GDP d. AD curve to the left, which would lower the price level and real GDP e. AD curve to the right, which would raise the price level and real GDP