The members of the Federal Reserve Board:
A. are elected by votes of the 12 presidents of the Federal Reserve Banks.
B. serve 14-year terms.
C. are appointed by the American Economic Association.
D. serve seven-year terms.
Answer: B
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Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for mustard and that bratwurst and mustard are complements. What panel describes what happens in this market when the price of bratwurst falls?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)
The Nash equilibrium in a Bertrand game in which firms produce perfect substitutes and have equal marginal costs is:
a. efficient because all mutually beneficial transactions will occur. b. efficient because of the free entry assumption. c. inefficient because some mutually beneficial transactions will be foregone. d. inefficient because of the uncertainties inherent in the game.
Policymakers have the ability to affect:
A. the economic incidence of a tax burden on the buyer and seller. B. the relative economic incidence of the tax burden on the rich and the poor. C. whether the buyer or seller will bear the actual burden of the tax. D. how the tax is shared between buyer and seller.
According to Adam Smith's invisible hand doctrine:
a. self-interest best serves the interests of society. b. laissez faire must be improved by government intervention. c. producers should serve the best interests of society. d. only laissez faire mercantilism best serves the interests of society.