Members of the Board of Governors of the Federal Reserve serve one _____ year term.
Fill in the blank(s) with the appropriate word(s).
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When Frank's income rises from $29,000 to $34,000 per year, he increases his purchases of tomatoes from 20 pounds to 28 pounds per year. What is Frank's income elasticity of demand for tomatoes? (Use the midpoint formula
) According to Frank, are tomatoes an inferior or normal good?
Let C = 200 + .8(Y-T), planned investment equals 150, and T equals 200 . If the equilibrium level of income is 2,000, then the level of government spending needed to make this true is
a. 210. b. 250. c. 50. d. 10. e. none of the above.
Which of the following signals the start of a new expansion?
a. A boom period b. A peak c. An inflation d. A contraction e. A trough
An implicit contract refers to: a. an understanding that the employer will try to keep wages from falling when the economy is weak or the business is having trouble, and the employee will not expect huge salary increases when the economy or the business is strong. b. an understanding that workers will produce more if they are paid more, and so the employers will often find it worthwhile to pay
their employees somewhat more than what market conditions might dictate. c. an understanding that the employer will reduce wages when business conditions are poor. d. a policy that states that those already working for firms are "insiders," while new employees, at least for a time, are "outsiders.".