All else constant, as the price of petroleum increases relative to the prices of other inputs to the production process, in their effort to minimize their total costs of production, we can expect to see firms employ:
A) less of each of the inputs of production.
B) more petroleum and less of the other inputs to production.
C) less petroleum and more of the other inputs to production.
D) the same amount of petroleum since there are no substitutes for petroleum.
C
Economics
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Which of the following is not true about the members of the Federal Reserve Board of Governors?
A. They are appointed to fourteen-year terms by the president of the United States. B. They are relatively immune to short-term political pressures. C. They may not be reappointed after serving a full term. D. They each serve as chairman of the Board of Governors on a rotating basis.
Economics
The Federal Reserve System has
A) 50 district banks. B) 12 district banks. C) 24 district banks. D) 7 district banks.
Economics