The Federal Open Market Committee (FOMC) consists of:
a. the Board of Governors and the Secretary of the Treasury
b. the presidents of the 12 Federal Reserve Banks.
c. the Board of Governors and some of the Federal Reserve Bank presidents.
d. the Comptroller of the Currency and seven Reserve Bank presidents.
e. representatives from banks throughout the U.S.
c
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You are given the following information about aggregate demand at the existing price level for an economy: (1) consumption = $400 billion, (2) investment = $40 billion, (3) government purchases = $90 billion, and (4) net exports = $25 billion. If the full-employment level of GDP for this economy is $600 billion, then what combination of actions would be most consistent with closing the GDP-gap here?
A. A decrease in government purchases and an increase in taxes B. An increase in government purchases and a decrease in taxes C. An increase in government purchases and taxes D. A decrease in government purchases and taxes
The table above shows the total product schedule for Rick's Lawn Service, a yard care company. When the 4th worker is hired, the ________ product of labor equals ________ lawns mowed
A) average; 60 B) average; 3.75 C) marginal; 3.75 D) marginal; 0 E) marginal; 15
Which of the following statements is FALSE?
A) The rationing function of prices is not allowed to freely operate when the government imposes price controls. B) Price controls may take the form of price ceilings or price floors. C) Price ceilings below the equilibrium price can cause black markets to develop. D) Rent controls are examples of price floors.
When there is a decrease in labor supply, real wages are likely to
A) remain the same. B) decrease. C) increase. D) allow less leisure time.