Monetary policy is determined by a committee whose voting members include all the presidents of the regional Federal Reserve Banks
a. True
b. False
Indicate whether the statement is true or false
False
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From an economic point of view, the idea of establishing a government to further the will of the majority _____
a. means that marginal political costs and marginal political benefits are being equalized b. makes sense because the majority could exploit the minority c. does not make any sense because the majority could exploit the minority d. would lead to a large transitional gains trap
If the price of a dress is three times the price of a pair of shoes, then a pair of shoes contributes
a. exactly one-third as much to GDP as does a dress. b. more than one-third as much to GDP as does a dress. c. less than one-third as much to GDP as does a dress. d. exactly one-fourth as much to GDP as does a dress.
Screening is when someone takes action to:
A. find out the opportunity cost of acquiring more information. B. reveal private information about someone else. C. reveal one's own private information. D. None of these statements is true.
Congress decided to build a new highway as part of a stimulus package. It took a few years to study the environmental impact, draw blueprints, and bid out work before the road construction even got started. This is an example of ______.
a. an impact lag b. a crowding-out lag c. a recognition lag d. an implementation lag