Which of the following is the name of the entity, group, or organization that has the power to conduct key monetary policy by purchasing or selling U.S. government securities?
a. The President of the United States
b. The Open Market Subcommittee of the Congress of the United States
c. CEO's of large commercial banks, with non-binding recommendations by the Fed
d. The Federal Reserve Open Market Committee
d
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A closed economy is one in which exports and imports constitute a large share of GDP.
Answer the following statement true (T) or false (F)
Which of the following statements is true?
A) A natural monopoly always arises from government intervention in the market. B) An increase in consumer demand can change a natural monopoly into a multi-seller market. C) A natural monopoly earns higher profits than a monopolistically competitive firm because it faces an upward sloping market demand curve. D) A natural monopoly earns higher profits than a monopolistically competitive firm because it faces a horizontal market demand curve.
If economies of scale are relatively important in an industry, the typical firm's
A) long-run average cost curve will reach a minimum at a level of output that leaves room for a large number of firms to enter the industry. B) long-run average cost curve will begin rising before it reaches minimum efficient scale. C) long-run average cost curve will reach a minimum at a level of output that is a relatively large fraction of total industry sales. D) marginal cost curve will decline continuously until it reaches minimum efficient scale.
Say's law says that
A) consumption is greater than supply. B) desired expenditures always equal actual expenditures. C) people produce the goods they consume. D) people consume the goods they produce.