The Federal Reserve is:
A. the United States' central bank.
B. a Congressional committee.
C. another name for the U.S. Treasury.
D. the largest commercial bank in the U.S.
Ans: A. the United States' central bank.
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If the government eliminates a tax on a good with a perfectly elastic supply, who benefits most?
A) buyers B) sellers C) buyers if the demand is also perfectly elastic, otherwise sellers D) buyers if the demand is unit elastic, otherwise sellers E) Buyers and sellers benefit equally.
There are not enough of four goods to satisfy the wants of people. For good A, this is true when the price is $100. This is true for good B at a price of $10, for good C at a price of $1, and for good D at a price of zero. Which situation reflects
scarcity rather than shortage? A) A B) B C) C D) D