The members of the Federal Reserve Board:
A. serve seven-year terms.
B. are appointed by the American Economic Association.
C. are elected by votes of the 12 presidents of the Federal Reserve Banks.
D. are appointed for 14-year terms.
D. are appointed for 14-year terms.
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Economists consider the effects of free trade on income distribution to be ________ important than the effects on overall welfare because ________
A) less; those who are harmed can be compensated by those who gain B) more; those who are harmed are not compensated by those who gain C) less; the effects on income distribution are minor and inconsequential D) more; the effects on income distribution are major and consequential E) less; the wealthy benefit and only the poor lose
The market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2, where both quantities are measured in millions of gallons per year. What is the producer surplus at the competitive market equilibrium?
A. $1.5 million B. $4.5 million C. $9 million D. $13.5 million
Once active discrimination ends, it:
A. is quickly forgotten, and efficiency is reached. B. no longer affects people or markets. C. can have long-lasting effects on people and markets. D. None of these is true.
Lowering the interest rate will
A) decrease spending on consumer durables. B) increase investment projects by firms. C) decrease spending on new homes. D) decrease the value of the dollar and lower net exports.