How many members appointed by the president sit on the Federal Reserve Board?
A. None
B. Seven
C. Nine
D. Twelve
B. Seven
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If income increases by 2.0 percent, and quantity demanded of a good increases by 0.2 percent, the income elasticity for the good is
A) 0.22. B) 0.002. C) 0.10. D) 1.00.
As a form of business, a sole proprietorship
A) cannot issue stock. B) has limited liability. C) has the most government rules and regulations affecting it. D) has more than one owner.
If people feel optimistic about the future of the economy ________
A) autonomous consumption might increase B) autonomous investment might increase C) it might shift the IS curve to the right D) all of the above E) none of the above
In what way do policymakers have to face a trade-off between inflation and unemployment?
A. The cost of reducing inflation by restrictive fiscal and monetary policies is a temporary increase in unemployment. B. The cost of reducing inflation by restrictive fiscal and monetary policies is a permanent increase in unemployment. C. The cost of reducing unemployment by expansionary fiscal and monetary policies is virtually nonexistent. D. The cost of reducing unemployment by expansionary fiscal and monetary policies involves higher inflation during recessions.