Twelve Federal Reserve Districts operate independently but with supervision
What will be an ideal response?
Federal Reserve District boundaries are based on economic considerations; the Districts operate independently but under the supervision of the Federal Reserve Board of Governors.
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When the government controls the price of a product, causing the market price to be above the free market equilibrium price,
A. some, but not all, sellers can find buyers for their goods. B. only consumers gain. C. both producers and consumers gain. D. all producers gain.
Suppose the estimated fixed cost of Christmas trees business is $7,000 and not sunk. The estimated variable cost for each tree is $20
According to the forecast, the market price for Christmas trees is $25 each and the owner could sell 1000 trees at most each year. In the long run, the owner A) should shut down. B) should keep operating. C) should sell less. D) None of the above.