The real power in the FOMC lies with:
A. no single individual; all participants have an equal share of the power.
B. the Chairman of the Board of Governors.
C. the President of the New York Fed Bank.
D. the System Open Market Manager.
Answer: B
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Refer to the figure above. The economy is currently at E. Which of the following is likely to happen if a recession hits the economy? Assume that wages are downwardly rigid
A) The labor market equilibrium will move from E to F. B) The labor market equilibrium will move from E to D. C) The labor market equilibrium will move from E to G. D) The labor market equilibrium will move from E to H.
Which of the following is not among the first steps the textbook recommends be taken to reduce negative externalities?
A) Adjudication B) More scientific research C) Negotiation D) The cultivation of civic virtues
For a person who consumes only steak and lobster, the slope of the budget line is called the marginal rate of substitution between steak and lobster
Indicate whether the statement is true or false
Monique buys a new television for $795. She receives consumer surplus of $355 from the purchase. How much does Monique value her television?
A) $355 B) $440 C) $795 D) $1150