The Open Market Committee is composed of
a. the 7 members of the Board of Governors.
b. the 7 members of the Board of Governors and the president of the Federal Reserve Bank in New York.
c. 12 voting members, and of these, 5 are presidents of regional Federal Reserve banks and the other 7 are the members of the Board of Governors.
d. the presidents of each of the 12 Federal Reserve banks.
C
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Does the fact that the price elasticity for food is inelastic violate the law of demand?
What will be an ideal response?
Tariffs comprised approximately what percentage of the federal government revenues between 1790 and 1860?
a. 97%. b. 55%. c. 25%. d. 1%.
The short-run Phillips curve shifts around because of changes in:
A. expectations of employment. B. expectations of inflation. C. the money supply. D. expectations of real income.
Refer to Cost of Production. The short-run average cost of producing 50 units of output per week is
The following questions refer to the diagram below. The wage rate is assumed to be $12 per hour, the rental rate is assumed to be $6 per hour, and capital is assumed to be fixed in the short run at 10 hours.
a. $3 per unit.
b. $3.60 per unit.
c. $5 per unit.
d. $2.77 per unit.