The Federal Reserve System consists of which of the following?
A. Federal Deposit Insurance Corporation and Controller of the Currency.
B. Board of Governors and the 12 Federal Reserve Banks.
C. U.S. Treasury Department and Bureau of Engraving and Printing.
D. Federal Open Market Committee and Office of Thrift Supervision.
Answer: B
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Joe manages a company that produces lawn mowers. Joe knows that the value of marginal product
A) decreases as he hires more labor to produce lawn mowers. B) does not change as he sells more lawn mowers. C) increases as he hires more labor to produce lawn mowers. D) increases as he sells more lawn mowers.
Refer to Figure 11-4. Using the per-worker production function in the figure above, the largest changes in an economy's standard of living would be achieved by a movement from
A) D to B to E. B) C to B to A. C) A to B to C. D) E to B to D.