The Board of Governors of the Federal Reserve is:
a. appointed by the president, and each governor serves a 7-year term.
b. appointed by the president, and each governor serves a 14-year term.
c. elected by Congress, and each governor serves a 10-year term.
d. elected by Congress, and each governor serves a 4-year term.
e. elected by Congress, and each governor serves a 7-year term
b
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The labor supply shock hypothesis suggests that
A) the United States and Europe are following similar labor market policies. B) there is a one-way causation from labor productivity to real wage growth. C) slow real wage growth and slow productivity growth are simultaneously determined by the labor market system. D) B and C. E) none of the above.
The index used for international price comparisons is the:
A. World Bank's International Comparison Program index. B. World Bank's World Price Index. C. United Nations' World Consumer Price Index. D. World Trade Federation's International Price Index.
Suppose that the U.S. personal income tax was eliminated and replaced with a fixed tax that raised the exact same amount of revenue. The multiplier would be
a. larger. b. unchanged. c. smaller. d. incalculable.
From 1960 to about 1980 the net capital outflow of the U.S. was typically
a. small but always positive. b. small and sometimes negative and sometimes positive. c. large and positive. d. large but sometimes negative and sometimes positive.