Members of the Board of Governors of the Federal Reserve are
A. appointed by the president of the United States.
B. appointed by the Treasury Secretary.
C. appointed by the outgoing chairman of the Board of Governors and confirmed by Congress.
D. elected by the stockholders of the eight largest banks in the United States.
Answer: A
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The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
Which of the following statements is true of competitive market equilibrium?
A) The determination of equilibrium price and quantity is independent of the demand for goods. B) Social surplus is minimized at the competitive equilibrium. C) At the competitive equilibrium, there are no unexploited gains from trade. D) A competitive equilibrium is determined only by a few large sellers in the market.
If a single supplier of labor, such as a union, were supplying labor to a single monopsonistic employer, this is referred to as a(n)
A) bilateral monopoly. B) trilateral monopoly. C) total monopsony. D) collective monopoly.
If the slope of a straight line is positive, it implies that
A. if the price of one goes up, the price of the other will go up by exactly the same amount. B. the change in the value of one of the variables causes an opposite and equal change in the value of the other variable. C. the line is always vertical. D. the correlation between the two variables being measured is inverse. E. the values of the variables being measured move in the same direction.