Which of the following institutions within the Federal Reserve System determines how many government securities the Fed should buy or sell on a given day?
A) the Federal Reserve Bank of Chicago's Board of Trade.
B) the Board of Governors.
C) Federal Advisory Committee.
D) the Federal Reserve Bank of New York's Trading Desk.
D
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The figure above shows the labor market in a region. If a minimum wage of $8 an hour is imposed, then the quantity of labor supplied is ________ and the quantity of labor demanded is ________
A) 60,000; 60,000 B) 80,000; 40,000 C) 40,000; 60,000 D) 60,000; 40,000 E) 40,000; 40,000
In the expenditure approach to GDP, which of the following would be excluded from measurements of GDP?
A) Government payments for goods produced by foreign firms B) Government payments for goods produced by firms owned by state or local governments C) Government payments for welfare D) All government payments are included in GDP.
The "zero sum" society is
A) a society that has reached its limit in population growth and has placed quotas on its birth rate. B) a society where the rate of growth of GDP minus the inflation rate equals zero. C) a society in which the fluctuations of GDP around the natural level of output sum to zero. D) a society with no productivity growth in which any additional good enjoyed by one person requires that something be taken away from someone else.
The cross-price elasticity of demand is
a. price elasticity of demand multiplied by the income elasticity of demand b. the percent change in the price of one commodity with respect to a one-percent change in the quantity demanded of another commodity c. the percent change in the demand for one commodity with respect to a one-percent change in the price of another commodity d. negative for substitute goods e. price elasticity of demand crossed with consumer incomes