The Federal Open Market Committee is
A) the main policy-making body of the Fed.
B) a seven-member board, each serving a 14-year term.
C) comprised of the presidents of the 12 Federal Reserve Banks.
D) another name for the Board of Governors.
E) the government committee charged with determining income tax rates.
A
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What are the sources of a country's comparative advantage?
What will be an ideal response?
Which of the following most accurately states the function of middlemen?
a. Middlemen reduce transaction costs. b. Middlemen add to the expense of buyers and sellers without providing any benefit. c. Our economy would work just as well without middlemen since they do not expand the availability of physical goods. d. Middlemen reduce the number of transactions since they increase the buyer's price and reduce the seller's net receipts.
Chance goes to a used car lot and sees the kind of car he wants, in prime condition, priced about $7,000 lower than it should be. Based on the lemon problem, why does Chance decide not to buy it?
a. He feels that he is taking advantage of the dealer. b. He fears something is wrong with the car that he is unaware of. c. He knows he will have to make up the price difference in sales tax. d. He realizes other dealers will also be willing to sell it even cheaper.
The Southern Common Market (MERCOSUR) is actually a
A. free-trade area. B. economic union. C. customs union. D. common market.