The Federal Open Market Committee (FOMC) is made up of:
A. the chair of the Board of Governors along with the 12 presidents of the Federal Reserve
Banks.
B. the seven members of the Board of Governors along with the president of the New York
Federal Reserve Bank.
C. the seven members of the Board of Governors of the Federal Reserve System along with
the three members of the Council of Economic Advisers.
D. the seven members of the Board of Governors of the Federal Reserve System along with the president of the New York Federal Reserve Bank and four other Federal Reserve Bank
presidents on a rotating basis.
D. the seven members of the Board of Governors of the Federal Reserve System along with the president of the New York Federal Reserve Bank and four other Federal Reserve Bank presidents on a rotating basis.
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According to these relationships, the efficient output level arises where
Consider the following model for the production of refined oil: MSC = 10 + 0.5Q; MEC = 0.3Q; MSB = 30 – 0.3Q; MEB = 0. a. QE = 25 b. QE = 40 c. QE = 20 d. none of the above
Most people who live in market-oriented economies would
a. oppose trying to block better products that lower the cost of services. b. support trying to block better products that lower the cost of services. c. oppose trying to block better products that lower the cost of labor. d. support trying to block better products that lower the cost of labor.
Ashley, who makes knitted caps, determines that her marginal cost of producing one more knitted cap is equal to $10. A consumer offers her $12 if she sells one more knitted cap to her. Ashley will:
Select one: a. realize that her production is not profitable and shut down her business. b. offer to sell 20 additional knitted caps, since it must be profitable. c. sell the additional knitted cap, since the marginal revenue is greater than the marginal cost for the unit. d. not sell the additional knitted cap, since she does not know what her total costs will be.
Which of the following would reduce the money supply?
A. Commercial banks use excess reserves to buy government bonds from the public. B. Commercial banks loan out excess reserves. C. Commercial banks sell government bonds to the public. D. A check clears from Bank A to Bank B.