Who serves as voting members of the Federal Open Market Committee (FOMC)?
What will be an ideal response?
Voting members of the FOMC includes members of the Board of Governors, the president of the NY Federal Reserve, and four other presidents of Federal Reserves districts, who serve on a rotating basis.
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Net exports is a positive number in the national income accounts when
A. imports exceed exports.
B. exports exceed imports.
C. national income exceeds personal income.
D. capital consumption exceeds net investment.
Net exports is a negative figure when
A. a nation's exports of goods and services exceed its imports. B. depreciation exceeds gross private domestic investment. C. the economy's stock of capital is declining. D. a nation's imports of goods and services exceed its exports.
Which of the following would favor a trade surplus?
A. A musician selling a copyright. B. The government attempting to sell bonds. C. An importer of automobiles D. Someone buying stocks.
Refer to the information provided in Figure 13.9 below to answer the question(s) that follow. 
Figure 13.9 Refer to Figure 13.9. If Ohio Edison is forced to act as a perfect competitor (instead of the monopoly level), ________ is BEC.
A. the welfare loss B. the net social gain C. consumer surplus D. producer surplus