The chairperson of the Federal Reserve Board of Governors:
A. sits on the Federal Open Market Committee.
B. is appointed by the President and confirmed by the Treasury.
C. serves a fourteen-year term as chairman.
D. is always the president of the Federal Reserve Bank of New York.
Answer: A
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Price elasticity of demand is a numerical measure of how much quantity demanded rises as price falls or quantity demanded falls as price rises.
Answer the following statement true (T) or false (F)
In the Case in Point on "The Monks of St. Benedict's," the Monks got out of the egg business largely because:
A) there was a large increase in the supply of eggs from other producers. B) of the increase in the price of chicken feed. C) the Pope forbade them from working on Sunday. D) a huge increase in the demand for eggs caused the price of eggs to increase, and their operation was too small to meet the demand.
For a hotdog vendor, the hotdog buns represents his
A) fixed input. B) variable input. C) sunk cost. D) none of the above.
The U.S. Customs Service is a main source of data for:
A. C B. I g C. G D. X