At any given time, the voting members of the Federal Open Market Committee include
a. five of the presidents of the regional Federal Reserve banks.
b. the president of the Federal Reserve Bank of New York.
c. the seven members of the Board of Governors.
d. All of the above are correct.
d
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The effect of an import quota on the domestic market is to shift the:
a. demand curve to the right by the amount of the quota. b. demand curve to the left by the amount of the quota. c. supply curve to the right by the amount of the quota. d. supply curve to the left by the amount of the quota. e. consumers' marginal utility curves if they prefer foreign goods to domestic goods.
The CPI differs from the GDP deflator in that
a. the CPI is a price index, while the GDP deflator is an inflation index. b. substitution bias is not a problem with the CPI, but it is a problem with the GDP deflator. c. increases in the prices of foreign produced goods that are sold to U.S. consumers show up in the CPI but not in the GDP deflator. d. increases in the prices of domestically produced goods that are sold to the U.S. government show up in the CPI but not in the GDP deflator.
A positive temporary supply side shock will:
A. increase the level of potential output in the long run. B. decrease the price level in the long run. C. increase the price level in the long run. D. have no effect in the long run.
At full employment the unemployment rate equals the:
A. cyclical unemployment rate. B. structural unemployment rate. C. structural unemployment rate plus the cyclical unemployment rate. D. structural unemployment rate plus the frictional unemployment rate.