Which of the following statements best describes the Federal Reserve?
a. Like most central banks, the Federal Reserve is semi-decentralized, mixing government appointees with representation from private-sector banks.
b. Unlike most central banks, the Federal Reserve is semi-decentralized, mixing government appointees with representation from private-sector banks.
c. Unlike most central banks, the Federal Reserve is centralized, mixing government appointees with representation from private-sector banks.
d. Like most central banks, the Federal Reserve is centralized, mixing government appointees with representation from private-sector banks.
b. Unlike most central banks, the Federal Reserve is semi-decentralized, mixing government appointees with representation from private-sector banks.
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Quantitative easing is likely to lead to a(n) ________
A) increase in unemployment rate B) decrease in the price level C) increase in the federal funds rate D) decrease in the federal funds rate
Cooperation in repeated prisoner's dilemma situations seems to be enhanced by all of the following except
a. limited punishment schemes b. clarity of conditional rewards c. grim trigger strategy d. provocability--i.e., credible threats of punishment e. tit for tat strategy
A firm produces 4,000 units of output using 500 workers. Marginal cost is $10, the wage rate is $160, and total fixed cost is $100,000.What is the marginal product of labor?
A. 8 units of output per worker B. $16 per worker C. $8 per worker D. 16 units of output per worker E. none of the above
Macroeconomics would be concerned with
A. the effects of a tax on beer. B. the effects on individual consumers of changes in the price of gasoline for a business. C. implications of changes in unemployment and inflation. D. the effects of wage increases on steel manufacturers.