Which of the following is NOT part of the FOMC directive?
A) It lays out the FOMC's general economic objectives.
B) It specifies target ranges for money supply growth.
C) It establishes short-term federal funds rate objectives.
D) It specifies who the chair of the Fed is.
D
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All of the following statements would make a reasonable hypothesis to test except
A) Long-run economic growth leads to higher real GDP per capita. B) An inflation rate below 3% is good for an economy. C) Increasing tax rates eventually lead to a decrease in work effort. D) Decreases in the unemployment rate lead to increases in the rate of inflation.
You have just found the consumer's optimal combination of goods using constrained optimization. The marginal utility of income is the:
A) Cobb-Douglas statistic. B) Hicks factor. C) Slutsky equation. D) Lagrange multiplier.
The objective of the household is to
a. maximize household wealth b. own as much land as possible c. save as much money as possible d. acquire as many goods as possible e. maximize utility
Fighting inflation by slowing the growth of aggregate demand is
a. endorsed by most politicians. b. a convenient way to reduce inflation. c. unpopular with politicians. d. always easily accepted by firms and workers.