Who is responsible for U.S. monetary policy? The _________ appoints the members and the Chairman of the Board of Governors of the Fed. The ________ is responsible for the conduct of monetary policy.
Fill in the blank(s) with the appropriate word(s).
President; Fed
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The producer surplus on a unit of a good is
A) equal to the marginal benefit from the good minus its price. B) equal to the price of the good minus the marginal cost of producing it. C) always equal to consumer surplus. D) Both answers A and C are correct. E) Both answers B and C are correct.
Last year when John graduated and received a 20 percent pay increase, the average number of restaurant meals he consumed rose from one a week to three a week. Hence his income elasticity for restaurant meals is
A) 0.50. B) -0.50. C) 5.00. D) -5.00.
Among the causes of the Great Depression, Keynes would agree with all of the following explanations EXCEPT
A. There was insufficient aggregate demand to achieve full employment. B. There was a lack of investment on the part of businesses because interest rates were too high. C. Supply had not created its own demand. D. Labor unions and businesses resisted wage and price cuts.
An example of an investment is
A. the purchase of a share of Berkshire Hathaway stock. B. the purchase of an iPhone by a company for one of its salesmen. C. the purchase of a government Treasury bill. D. all of the above