The Secretary of the Treasury
A) serves as Chairman of the Board of Governors.
B) serves as a member of the Board of Governors.
C) serves as a member of the Federal Open Market Committee.
D) does not serve on the Board of Governors.
D
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If one country's wage level is very high relative to the other's (the relative wage exceeding the relative productivity ratios), then if they both use the same currency
A) neither country has a comparative advantage. B) only the low wage country has a comparative advantage. C) only the high wage country has a comparative advantage. D) consumers will still find trade worth while from their perspective. E) it is possible that both will enjoy the conventional gains from trade.
Which of the following total cost functions suggests the presence of a natural monopoly?
A) TC = 2Q B) TC = 100 + 2Q C) TC = 100 + 2Q2 D) All of the above.