The voting members of the Federal Open Market Committee are
A. the presidents of the 12 Federal Reserve banks and three members of the Board of Governors.
B. all of the members of the Board of Governors and all of the presidents of the 12 Federal Reserve banks.
C. all of the members of the Board of Governors and five of the presidents of the 12 Federal Reserve banks.
D. only the members of the Board of Governors.
Answer: C
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Which of the following is not an assumption of the medium voter model?
a. Voters can place all election alternatives along a one-dimensional continuum. b. Voters always vote their true preference. c. Voters prefer alternative closer to their preferred outcome. d. Voters engage in preference falsification.
The equilibrium in the market for loanable funds is:
A. at the interest rate set by the Fed. B. at the price at which the quantity supplied is slightly greater than quantity demanded. C. where the amount being borrowed and the amount being saved is the same. D. where the amount being saved is enough for banks to cover required reserves.
Price discrimination requires the firm to
a. separate customers according to their willingnesses to pay. b. differentiate between different units of its product. c. engage in arbitrage. d. use coupons.
If the demand for sardines increases as income decreases, sardines are a(n)
A. substitute good. B. inferior good. C. normal good. D. complementary good.