The Federal Reserve Board of Governors consists of:
a. 50 members selected by state legislatures.
b. 12 members, one from each Federal Reserve District.
c. 12 members nominated by the President and confirmed by the Senate.
d. seven members elected by Congress.
e. seven members nominated by the President and confirmed by the Senate.
e
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As measured, GDP omits which of the following?
i. Illegal sales of goods and services ii. Changes in the amount of leisure time iii. Household production of goods and services A) i and ii B) ii and iii C) i only D) i, ii, and iii E) i and iii
What are the three basic economic questions that must be answered by all societies?
What will be an ideal response?
Which of the following people is least likely to clip store coupons?
a. a retired person b. an unemployed person c. a low-income worker d. a high-priced consultant e. a graduate student on summer break
Which of the following goods is rival in consumption and excludable?
a. a fireworks display b. national defense c. a box of sparklers d. a parade