The Board of Governors is made up of experts in:
A. finance and banking.
B. public policy
C. fiscal policy.
D. accounting standards.
Answer: A
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Figure 4.4 illustrates the supply of tacos. An increase in the number of Mexican food producers would most likely cause a movement from
A) point a to point c. B) point c to point a. C) S0 to S2. D) S2 to S0.
The economic surplus of an action is:
A. the difference between the explicit and implicit costs of taking an action. B. the money a person has left over after taking an action. C. the difference between the benefit and the cost of taking an action. D. the benefit gained by taking an action.
A society without any money:
A. would have to rely on barter. B. could never exchange goods and/or services. C. would find people doing everything for themselves. D. would be more efficient since people would be more self-sufficient.
Why is economics called an empirical science?
A. because economics uses math to evaluate the usefulness of its models B. because economics has been used to both create and destroy empires C. because economics utilizes only assumptions to evaluate how accurate a model is D. because economics relies on real-world data to determine the usefulness of a model