Members of the Board of Governors of the Federal Reserve System are
A. elected by member banks to serve four-year terms.
B. appointed by Congress for 14-year terms.
C. appointed by the president for 14-year terms.
D. appointed by the Supreme Court for lifetime terms.
Answer: C
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Assume that the union wage already exceeds the market-clearing wage. If the union wage is increased, holding other factors constant, then the number unemployed ________ and the number employed ________.
A. increases; decreases B. increases; does not change C. decreases; increases D. increases; increases
What is the profit maximizing condition for a vertically integrated firm?
A) Net marginal revenue equals the sum of the marginal costs of the intermediate inputs. B) Marginal revenue equals the marginal cost of the final output. C) Net marginal revenue equals the marginal cost of each intermediate good. D) The sum of net marginal revenues equals the marginal cost of the final output.
Explain the practice of tying and discuss why it is controversial
Refer to the diagram below of three demand curves for coffee. An increase in the price of coffee, other factors constant, would cause a:
A. Shift from D1 to D3
B. Shift from D1 to D2
C. Movement from point a to point b
D. Movement from point b to point a