In 1935, what changes were made to the Federal Reserve System?
(A) A central group of banks were authorized to lend to each other in times of need.
(B) There was an increase of Federal District Banks from 10 to 12 banks.
(C) The problems of regional banks were no longer the concern of Federal District Banks.
(D) The Federal Reserve System was given more centralized power.
Ans: (D) The Federal Reserve System was given more centralized power.
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A single-price monopoly can sell 1 unit for $9.00. To sell 2 units, the price must be $8.50 per unit. The marginal revenue from selling the second unit is
A) $17.50. B) $17.00. C) $8.50. D) $8.00. E) $9.00.
Increasing opportunity cost while moving along a production possibilities frontier is the result of
A) taxes. B) firms' needs to produce profits. C) the fact that it is more difficult to use resources efficiently the more society produces. D) the fact that resources are not equally productive in alternative uses.