Which of the following is not a function of the Federal Reserve System, or the "Fed"?
A) acting as a lender of last resort
B) acting as a banker's bank
C) taking actions to control the money supply
D) insuring deposits in the banking system
E) performing check clearing services
D
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Two university graduates, Bill and Steve, worked for an advertising agency at an annual salary of $40,000 each for 3 years after they graduated. Then, they decided to quit their jobs and start a partnership that designs and builds Web sites
They rented an office for $12,000 a year and bought capital for $30,000. To pay for the equipment, Bill and Steve borrowed money from a bank at an annual interest rate of 6 percent. During their first year of operation, the partners' total revenue was $100,000. The market value of their capital at the end of the year was $20,000. If Bill and Steve do not design Web pages, their best alternatives are to return to their previous job. a) What is the firm's economic depreciation? b) What are the partnership's costs? c) What is the firm's economic profit in the first year of operation?
All the following are examples of variable costs, except
a. Labor costs b. Cost of raw materials c. Accounting fees d. Electricity costs