The regional Federal Reserve bank presidents are:
A. selected by the Federal Reserve Board of Directors.
B. responsible for ensuring that money supply can adequately meet the demand for money.
C. are responsible for overseeing the day-to-day actions of the regional banks.
D. allowed to serve no more than two consecutive four-year terms.
Answer: C
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A Giffen good
A) is always the same as an inferior good. B) is the special subset of inferior goods in which the substitution effect dominates the income effect. C) is the special subset of inferior goods in which the income effect dominates the substitution effect. D) must have a downward sloping demand curve.
Opponents of inflation targets say that: a. such targets encourage workers to expect a low and stable inflation rate and hold down demands for wage increases. b. the Fed pays less attention to jobs and economic growth when it sets such targets
c. such targets encourage firms to plan on a low and stable inflation rate and hold down price increases. d. such targets encourage investors to plan on a low and stable inflation rate and hold down demands for interest rate increases. e. the Fed pays more attention to jobs and economic growth when it sets such targets.
If supply and demand both decrease, the new equilibrium price will be ________ and the new equilibrium quantity will be ________.
A. higher; higher B. lower; lower C. uncertain; lower D. lower; uncertain
If there are a number of inexpensive substitutes for labor in the production process, labor:
A. supply will most likely be inelastic. B. supply will most likely be elastic. C. demand will most likely be elastic. D. demand will most likely be inelastic.