At any meeting of the Federal Open Market Committee, that committee's voting members consist of
a. 5 Federal Reserve Regional Bank Presidents and all the members of the Board of Governors.
b. 5 Federal Reserve Regional Bank Presidents and 5 members of the Board of Governors.
c. 12 Federal Reserve Regional Bank Presidents and all the members of the Board of Governors.
d. 12 Federal Reserve Regional Bank Presidents and 5 members of the Board of Governors.
a
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Assuming pizza and hamburgers are substitutes, when the price of pizza increases, what must always happen?
A. Total revenue received by pizza sellers increases. B. Total revenue received by hamburger sellers increases. C. Total revenue received by hamburger sellers decreases. D. Total revenue received by pizza sellers decreases.
The government serves as an actor in the economy when it
A. alters anti-trust laws B. increases defense spending C. reduces the minimum wage D. improves health and safety standards for certain industries
Over the inelastic range of a demand curve, there is
A) a positive relationship between a given percentage change in price and a change in total revenues. B) a negative relationship between a given percentage change in price and a change in total revenues. C) an increase in total revenues regardless of an increase or decrease in price. D) no relationship between changes in price and changes in total revenues.
Suppose consumer preference for organic corn starts to rise while the cost of growing organic corn continues to rise. In the market for organic corn, this would be represented by the equilibrium price ________ and the equilibrium quantity ________
A) increasing; increasing or decreasing B) decreasing; increasing or decreasing C) increasing or decreasing; increasing D) increasing or decreasing; decreasing