Question One

Explain the role of the Federal Reserve System.Explain how the Federal Reserve maintains the money supply.Identify and explain the different tools that the 'FED' has at its disposal.How do those actions signal what the 'FED' is trying to do to keep the economy moving forward?Why is the 'Fed' known as the Bankers Bank?And explain.What role has the 'FED' played in the current economic downturn (Covid 19)?Please give examples in your answer.

Question Two

Define the price elasticity of demand and the income elasticity of demand.On a supply and demand diagram, show equilibrium price, equilibrium quantity and the total revenue received by producers.If demand is elastic, how will an increase in price change the total revenue? Explain

Question Three

Define and explain the market structure monopoly.How does a monopolistic market evolve?Explain your answer.Why does the government frown on monopolistic markets?How does a monopolistic market impact price?What is the difference between a natural and pure monopoly.Why do states allow natural monopolies?Give an example from your study of monopoly of a monopolistic market and explain why it is.

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