Which of the following groups within the Federal Reserve System is primarily concerned with open market operations?
A) The Federal Open Market Committee
B) The Federal Advisory Council
C) The Federal Reserve Bank presidents
D) The Board of Governors
A
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One of the consequences of inflation between 1950 and the 1970s was ________
A) a large increase in the federal deficit as a percentage of GDP B) a relaxation of the government budget constraint C) an increase in the dependency ratio D) a reduction in the ratio of debt to GDP
If a price ceiling of $2 per gallon is imposed on gasoline, and the market equilibrium price is $1.50, then the price ceiling is a binding constraint on the market
a. True b. False Indicate whether the statement is true or false
Without free trade, the domestic price of a good must be equal to the world price of a good
a. True b. False Indicate whether the statement is true or false
What is the principal-agent problem?
A) It is a problem caused by a person (principal) who hires an agent to act on his behalf but is unwilling to delegate authority to the agent to carry out the task in the best possible way. B) It is a problem caused by agents pursuing their own interests rather than the interests of the principals who hired them. C) It is a problem of the power system of boss and subordinate where the boss (principal) exerts influence over his subordinates (agents) using punishment or threat. D) It is a problem that exists when a person (principal) has more information about the task than the agent he hires to perform the task.