Which of the following statements is incorrect?
a. The Federal Reserve Open Market Committee determines fiscal policy actions for the Congress.
b. The Board of Governors of the Federal Reserve is appointed, not elected.
c. The Federal Reserve System was designed to be independent of the executive branch of the government.
d. The chairman of the Board of Governors serves a four-year term.
e. The Federal Reserve districts are distributed geographically to serve the particular interests of each region.
a
You might also like to view...
Data from the United States and the United Kingdom show that the short-run Phillips curve exhibits
A) positive slopes in both nations. B) shifts that occur every five years or so. C) a great deal of shifting. D) stability with shifts occurring only when there is an internal change of government. E) stability with shifts occurring only when external forces are strong.
In an oligopoly with two firms, one firm's share of the market is 70 percent. The Herfindahl-Hirschman Index is ________
A) 4,900 B) 0.7 C) 5,800 D) 100
In the case of a negative externality, the government can use a ________________ to turn an inefficient outcome into an efficient one. In the case of a positive externality, the government can use a ________________ to turn an inefficient outcome into an efficient one.
A. tax; subsidy B. subsidy; tax C. tax; tax D. subsidy; subsidy
After the American Civil War, many prominent Southerners lamented the fact that the South “overproduced” cotton and “underproduced” food. In fact, the South did import a very large percentage of its food. Nevertheless, rather than reduce cotton production and grow more food, Southern farmers did the opposite because
A. they were irrational and distraught over the loss of slavery. B. the South had a comparative advantage in cotton production. C. the North had a comparative advantage in cotton production. D. corn was absolutely cheaper to produce in the North.