Which of the following is not a correct statement?
a. the United States has twelve Federal Reserve districts.
b. less than one-half of U.S. private banks are members of the Federal Reserve System.
c. the members of the Board of Governors of the Fed are appointed by the U.S. president for 14-year terms.
d. the U.S. Senate must approve any major change in Fed policy.
d. the U.S. Senate must approve any major change in Fed policy.
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Bill ate four hot dogs at the baseball game. The first one tasted best, but he found that as he ate more hot dogs the amount of extra satisfaction he was receiving was beginning to fall. This would demonstrate
A. law of zero utility B. law of diminishing marginal utility C. law of total utility maximization D. law of diminishing costs
According to classical economists, if we use the quantity theory of money equation P = MV / Q, and the growth rate of M equals the Q growth rate,
a. the price level increases b. the price level decreases c. the price level remains unchanged d. velocity is necessarily increased e. M1 is decreased
GAAP
What will be an ideal response?
The following provides data for an economy in a certain year. Consumption expenditures$50Imports$40Government purchases of goods and services$20Construction of new homes and apartments$30Sales of existing homes and apartments$40Exports$50Government payments to retirees$10Household purchases of durable goods$20Beginning-of-year inventory$10End-of-year inventory$20Business fixed investment$30Given the data, compute the value of GDP.
A. $140 B. $160 C. $130 D. $150