The Board of Governors of the Federal Reserve has ____ members
A. 5
B. 7
C. 9
D. 14
B. 7
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Anna's Antiques expects to get two bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability. If Anna holds an auction between the two customers, the expected value of this auction is
a. $70 b. $78 c. $85 d. $100
The marginal revenue product of labor is:
a. how much labor can be purchased with the revenue from the sale of one more unit of the good. b. how much does the marginal revenue change when you add more labor. c. the same as the marginal revenue product of capital in equilibrium. d. determined by the wage rate. e. the contribution to total revenue made by the marginal laborer.
A change in government purchases has the greatest effect on the economy in the short run when _____. a. the aggregate demand curve is relatively flat
b. the aggregate demand curve is relatively steep. c. the short-run aggregate supply curve is relatively flat. d. the aggregate demand curve is vertical. e. the short-run aggregate supply curve is vertical.
An increase in the rate of inflation in the U.S. will increase the supply of dollars and decrease other countries' demand for dollars
Indicate whether the statement is true or false