The Federal Open Market Committee consists of all the following people except
A) the Board of Governors of the Federal Reserve System.
B) five presidents of Federal Reserve Banks, on a rotating basis.
C) the chairman of the President's Council of Economic Advisors.
D) the President of the Federal Reserve Bank of New York.
C
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The price elasticity of demand of science fiction novels is 2.3. Demand is
a. inelastic. b. unit elastic. c. elastic. d. elasticity.
Which of the following goods is the best example of a public good?
a. garbage-collection services that are provided by a municipal government b. music that is broadcast over the airwaves by a privately-owned FM radio station c. electricity that is provided to farmhouses by a rural electric cooperative d. cable TV services that are provided by a privately-owned firm that is regulated by the government of the city in which it operates
The Council of Economic Advisers gives economic advice to the:
A. Federal Reserve System. B. president. C. U.S. Senate. D. U.S. House of Representatives.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point E necessarily represents
A. only motorcycles being produced. B. overallocation of resources. C. an impossible production point. D. technological advancement.