The 12 regional Fed banks do all of the following except:

True or False.  The U.S. economy has come to rely much more heavily on industry-funded research and development. 

True or False.  Even though there is controversy over economic goals in terms of monetary policy, the Fed has pursed inflation-targeting.

Check all that apply.  Division of Labor (Specialization) increases production

Which of the following is similar for both a competitive industry and a monopoly?

Suppose the following data describe output in two different years: Item Year 1 Quantity Year 1 Price Year 2 Quantity Year 2 Price Oranges 15,000  $     0.25 20,000  $       0.30 Computers 600  $775.00 700  $  825.00 Video Games 8,000  $     0.80 10,000  $       1.10 Compute real GDP in year 2 (Enter as a numeric value e.g. 100000)

Suppose the following data describe output in two different years: Item Year 1 Quantity Year 1 Price Year 2 Quantity Year 2 Price Oranges 15,000  $     0.25 20,000  $       0.30 Computers 600  $775.00 700  $  825.00 Video Games 8,000  $     0.80 10,000  $       1.10 Compute real GDP in year 2 (Enter as a numeric value e.g. 100000)

True or False.  Allocative efficiency can exist without productive efficiency.

True or False.  Even though there is controversy over economic goals in terms of monetary policy, the Fed has pursed inflation-targeting.

True or False.  Banks lower transactions costs & act as financial intermediaries