The reason for the Fed being set up as an independent agency of government is to
A. allow it to earn profits like private firms.
B. make it be managed and controlled by member banks.
C. protect it from political pressure.
D. let it be able to compete with other financial institutions.
Answer: C
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Sarah and Claire are sisters. Their aunt gave 10 cookies to Sarah and asked her to share some with Claire. She could choose how many she would give her, but if Claire was not happy with her share, her aunt would take back all the cookies
a) How should Sarah decide how many cookies to give Claire if Claire prefers more cookies to fewer cookies? b) Will there be any change in her decision if she knows that Claire values fairness?
Given a price elasticity of demand of -0.33, a decrease in price will
A) reduce total revenue. B) increase total revenue. C) leave total revenue unchanged. D) decrease quantity.