The Federal Open Market Committee has responsibility for
A. advising the Treasury Department on monetary policy.
B. appointing members to the Board of Governors of the Federal Reserve system.
C. printing money.
D. issuing orders to buy or sell government securities for the Fed.
Answer: D
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A quota is
A) a government-imposed restriction on the quantity of a specific good that can be imported into a country. B) a tariff imposed on goods that are dumped into the home country. C) a tariff imposed on goods that are subsidized by their domestic governments and exported to other countries. D) a tariff based on the value of the imported good.
Which of the following is false about potential output?
A. It is the level of output an economy can achieve when labor is employed at its natural level. B. It is the long run output level that guarantees price stability. C. If a country is producing its potential output, then it is producing at a point on its production possibilities frontier. D. It is also called the natural level of real GDP.
The purpose of the government's safety net for banks is to do each of the following, except:
A. eliminate all risk that investors face. B. stop bank panics. C. improve the efficiency of the economy. D. protect the integrity of the financial system.
When the price of fresh fish increases 10%, quantity demanded is unchanged. The price elasticity of demand for fresh fish is
A. perfectly inelastic. B. inelastic. C. unitary elastic. D. elastic.