The Federal Open Market Committee consists of
A) 12 members, each of which is the president of one of the 12 regional Federal Reserve banks.
B) the seven members of the Board of Governors , the Chairman of the Fed, the U.S. Treasury Secretary, and the president of the Federal Reserve Bank of New York.
C) the chairman of the Fed, the chairman of the president's council of economic advisors, the U.S. Treasury Secretary, and 4 of the 12 Federal Reserve Bank presidents who serve on a rotating basis.
D) the seven members of the Board of Governors , the president of the Federal Reserve Bank of New York, and 4 other Federal Reserve Bank presidents.
D
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To maximize utility, why does a consumer consume the combination of goods that equates marginal utility per dollar on the different goods rather than just equating the marginal utility of the different goods?
What will be an ideal response?
The return to monopsony power refers to the
a. difference between the marginal revenue product and the wage rate of the last worker hired multiplied by the number of workers employed b. fact that the marginal cost of labor for a monopsony is lower than the wage rate c. wage rate minus the marginal revenue product d. higher marginal revenue product of labor that a worker produces under monopsony e. fact that a monopsonist can choose both the wage rate and the number of workers hired simultaneously
The trade deficit is the mirror image of the required capital inflows. So why worry about these capital inflows?
a. Trade deficits automatically cause larger budget deficits. b. Before long, the Germans, Japanese, and other foreigners will own the United States and will be dictating policy to the U.S. government. c. These capital inflows create debts on which interest and principal payments will have to be made in the future. d. During the period of trade deficits, personal consumption must be reduced to build up wealth to repay the debt created.
Using real GDP to compare the level of economic well-being in two countries may be misleading because the value of ________ contributes to economic well-being, but is excluded from real GDP.
A. services B. formal education C. leisure D. capital goods