The main function of the Federal Open Market Committee is
a. to control the printing of currency.
b. to determine the path of tax rates.
c. to use open market operations to control the nation's money supply.
d. to create and issue bonds on behalf of the Treasury.
e. to oversee economic activity in the various Federal Reserve districts.
C
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The concept of network externalities is most relevant to purchasers of
a. computer software. b. automobiles. c. television sets. d. radios.
Rick buys a 1966 Mustang for $3,000 . planning to restore and sell the car. He goes on to spend $9,000 restoring the car. At this point he can sell the car for $10,000 . As an alternative, he can spend an additional $3,000 replacing the engine. With a new engine the car would sell for $13,000 . Rick should
a. complete the repairs and sell the car for $13,000. b. sell the car now for $10,000. c. never try such an expensive project again. d. be indifferent between (i) selling the car now and (ii) replacing the engine and then selling it.