Which of the following is not a reason the New York Federal Reserve Bank president always gets to vote at the Federal Open Market Committee meetings?
a. New York is the traditional financial center of the U.S. economy.
b. All Fed purchases and sales of bonds go through the New York Fed's trading desk.
c. New York has higher population than other cities in the U.S.
d. All of the above are reasons.
c
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An externality refers to an economic event which takes place outside of a market
Indicate whether the statement is true or false
Suppose the elasticity of demand for a product is 0 and elasticity of supply is 1. If the government imposes a tax on the product, then
A) buyers and sellers pay exactly the same share of the tax. B) buyers pay all of the tax. C) sellers pay all of the tax. D) buyers pay a smaller share of the tax than do sellers, but both buyers and sellers pay some of the tax. E) because the elasticity of demand is zero, the government collects no revenue from this tax.
Consider two industries, industry W and industry X. In industry W there are five companies, each with a market share of 20% of total sales. In industry X, there are six companies
One company has a 50% market share and each of the other five firms has a market share of 10%. a. Calculate the four-firm concentration ratio for each industry. b. Calculate the Herfindahl-Hirschman Index (HHI) for each industry. c. What do the values of the two concentration measures imply about the degree of market power in the two industries? Figure 15-18
The banking system creates money in the sense that it: a. prints money
b. creates excess reserves from loans. c. creates loans from excess reserves. d. creates required reserves from loans. e. creates loans from required reserves.