The seven members of the Board of Governors of the Federal Reserve System are:
A. appointed by the president with the confirmation of the Senate.
B. elected by Congress from a slate of nominees provided by the president.
C. appointed by the Senate Finance Committee.
D. appointed by the presidents of the 12 Federal Reserve Banks.
A. appointed by the president with the confirmation of the Senate.
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A payment that is made by the government for which no goods or services are given in return is known as
A) a public good. B) a transfer payment. C) a negative externality. D) a free rider.
When something happens to the economy, monetarists ask two questions:
a. What does this do to government spending, and what does it do to tax revenues? b. What does this do to real GDP, and what does it do to the price level? c. What does this do to investment spending, and what does it do to net exports? d. What does this do to the money supply, and what does it do to velocity?
Regarding costs of production, can a firm ever be at a point that is not on the marginal cost curve? Explain
When the unemployment rate ________ the natural unemployment rate, real GDP ________ potential GDP.
A) is greater than; is less than B) equals; is greater than C) is less than; is less than D) equal; is less than E) is greater than; equals