Macroeconomics deals with ________ while microeconomics deals with ________
A) choices important to people; choices not important to people
B) economywide choices; choices of individuals
C) choices that involve money; choices that does not involve money
D) choices of rich people; choices of poor people
B
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Suppose that the demand for corn is price inelastic. If a technological advance makes corn farms more productive, the equilibrium price of corn will ________ and the farmers' total revenue will ________
A) rise; increase B) rise; decrease C) fall; increase D) fall; decrease
The seven Fed governors, the president of the Federal Reserve Bank of New York, and four of the presidents of the other regional Federal Reserve Banks constitute the:
A. Federal Reserve System. B. Board of Governors. C. National Monetary Commission. D. Federal Open Market Committee.