Federal law required that no two Federal Reserve Board Governors come from the same
A) state.
B) political party.
C) industry.
D) Federal Reserve district.
D
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Under fixed exchange rates, domestic asset transactions by the central bank
A) can be used to alter the level of foreign reserves but not to affect the state of employment and output. B) cannot be used to alter the level of foreign reserves but only to affect the state of employment and output. C) can be used to alter the level of foreign reserves and to affect the state of employment and output. D) can be used to alter the domestic money supply and the level of foreign reserves. E) can raise output to full-employment level.
All of the following were reasons that the Fed increase the required reserve ration in 1936 EXCEPT:
A) concerns over the possibility of future inflation B) to eliminate the high level of excess reserves C) fears that the economy was overheating D) concerns over a speculative bubble
Bob Diener, an attorney working for the FBI in Santa Fe, earns $50,000 annually. Congress has imposed a 20 percent income tax. Assume Bob has an MPC of 0.8 . How much less will Bob consume than if no tax had been levied?
a. $12,000 b. $10,000 c. $8,000 d. $4,000 e. $2,000
Describe the difference between a diminishing marginal product of labor and a negative marginal product of labor. Why would a profit-maximizing firm always choose to operate where the marginal product of labor is decreasing (but not negative)?