The law that established the Federal Reserve System is the _____

When a U.S. company shifts its call-center operations overseas to reduce costs, it is applying the economic concept of

A) using assumptions to simplify. B) thinking at the margin. C) comparative advantage. D) diminishing returns.

Edgar Browning and William Johnson, in a paper published in the Journal of Political Economy (1984), presented evidence that a one-dollar transfer to the bottom 40 percent of income distribution costs the top 60 percent nine dollars. If correct, this finding proves

a. the tax system is generating significant excess burdens. b. these transfers are not worth the cost. c. loopholes have to be closed. d. the burden of the tax system is too great.