Most power in the Federal Reserve System is held by the
a. president and Congress.
b. Secretary of the Treasury, who appoints the members of the Board of Governors.
c. Board of Governors of the system.
d. member banks of the system.
c
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Suppose that Matt quits a job with the XYZ Corporation in order to look for more rewarding employment. Matt is best be considered as
A) still being employed. B) included in the economy's "hidden employment." C) frictionally unemployed. D) cyclically unemployed.
When a firm or economy is operating efficiently, it is operating
a. outside its production possibilities frontier. b. inside its production possibilities frontier. c. on its production possibilities frontier. d. at the intersection of the production possibilities frontier and the vertical axis. e. at the intersection of the production possibilities frontier and the horizontal axis.
Figure 18-1
According to the graph in Figure 17-1, tax collections will be which of the following?
A. 14 million B. 1.4 million C. 12 million D. 1 million
What determines the level of output in the long-run classical model?
A. aggregate demand B. capital, labor, productivity C. interest rates D. prices