The Board of Governors of the Federal Reserve System has how many governors?
A) 1
B) 5
C) 7
D) 12
C
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When a monopoly cuts its price to increase its sales, it experiences a loss in revenue due to the ________
Fill in the blank(s) with the appropriate word(s).
Under a fixed exchange rate regime, if a central bank must intervene to purchase the domestic currency by selling foreign assets, then, like an open market sale, this action ________ the monetary base and the money supply, causing the interest rate
on domestic assets to ________. A) increases; rise B) increases; fall C) reduces; rise D) reduces; fall
The approach to understanding the determination of real GDP and the price level that emphasizes incomplete adjustment in the prices of many goods is
A. the Keynesian model. B. the aggregate demand model. C. the classical model. D. Say's law.
Short-run cost relationships for a firm are
A) determined by the law of diminishing marginal product. B) determined by the specific long-run relationships that exist. C) due to the level of wages relative to other input prices. D) due to the normal contractual relations in a market.