The chairman of the Federal Reserve System:
A. is approved by the House of Representatives and the Senate.
B. serves a four-year term.
C. is independent of the Board of Governors, to maintain objectivity.
D. All of these are true.
B. serves a four-year term.
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Why do purely technological theories have difficulty explaining recessions in which real GDP falls?
What will be an ideal response?
Is it possible to see gains in a nation's real standard of living without any positive economic growth?
A) No, a nation's standard of living cannot improve without economic growth. B) Yes, but only if the government prints more money so people feel rich. C) Yes, if workers can produce the same level of output in fewer work hours, so that more leisure time could push up the real standard of living. D) None of the above: Economic growth has nothing to do with a nation's standard of living.
The equality-of-sacrifice doctrine of taxation is based on the
a. increasing marginal utility of income. b. increasing marginal utility of government transfer payments. c. diminishing marginal utility of income. d. diminishing marginal utility of government transfer payments.
Fiat money is
a. money with intrinsic value like gold coins. b. anything that serves as a means of payment by government declaration. c. any currency made of paper. d. a tangible asset like a house. e. money that is backed by gold.