Member banks of the Federal Reserve System
A. advise the Fed on monetary policy.
B. are immune from the effects of monetary policy.
C. vote on members of the Board of Governors.
D. have little control over the system they “own.”
Answer: D
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Ali decides to attend the one-hour review session for microeconomics instead of working at his job. His job pays him $10 per hour. Ali's opportunity cost of attending the review session is
A) equal to the benefit he gets from the review session. B) the one-hour review session. C) the value of the session minus the $10 he could have earned at his job. D) nothing, because the review session does not cost anything. E) the $10 he could have earned at his job.
Which of the following occurs when an employer refuses to hire a qualified individual due to the job applicant’s race, gender, or religion?
a. Discrimination b. Cognitive bias c. Affirmative action d. Racial profiling
Factors of production are the most likely to earn economic rent when they:
A. are used by many different firms. B. are fixed in the short run. C. cannot easily be duplicated. D. have high reservation prices.
A tariff is a tax on imports imposed by the country that is importing the goods.
Answer the following statement true (T) or false (F)