What is the main purpose of the Federal Reserve System? How does it fulfill this purpose?
The Federal Reserve sets the monetary policy. The Fed's main charge is to safeguard the proper functioning
of our money system, in order to promote economic stability and growth. It does this mainly by setting
legal reserve requirements and the discount rate, and by conducting open market operations.
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If the market for a product is broadly defined, then
A) there are many substitutes for the product and the demand for the product is relatively elastic. B) the good has many complements. C) the expenditure on the good is likely to make up a large share of one's budget. D) there are few substitutes for the product and the demand for the product is relatively inelastic.
Tanesha sells homemade candles over the Internet. Her annual revenue is $64,000 per year, the explicit costs of her business are $17,000, and the opportunity costs of her business are $22,000. What is her accounting profit?
A) $17,000 B) $22,000 C) $47,000 D) $64,000