The federal reserve bank's board of governors consists of __ members appointed by the president of the US to 14 year, nonrenewable terms
A. 8
B. 7
C. 6
Ans: B. 7
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On the graph showing the Laffer curve, if an economy is using a tax rate at point D, it could increase revenues by moving the tax rate to point ______.
a. A
b. B
c. C
d. E
An upward shift in the Fed's policy reaction function corresponds to a ________ the aggregate demand curve and an increase in exogenous spending corresponds to a ________ the aggregate demand curve.
A. movement up; shift right of B. shift right of; shift left of C. shift left of; movement up D. shift left of; shift right of
During the course of a week, McDonald's has enough time to hire or layoff workers, but it does not have enough time to expand its kitchen or add an additional seating area. In this situation, McDonald's:
A. has no fixed costs. B. is in the short run. C. suffers an economic loss. D. earns a large profit.
In economics, the word "shocks" refers to
A. Situations where firms' expectations are not met B. Any change in the demand for goods and services C. Any change in the supply of goods and services D. A decrease in real GDP