The Federal Open Market Committee (FOMC) is composed of the seven members of the Board of Governors,
A) the president of the New York Federal Reserve District Bank, and four of the remaining 11 Federal Reserve District Bank presidents who rotate on an annual basis.
B) and five state governors who rotate on an annual basis.
C) four Federal Reserve District Bank presidents who rotate on an annual basis, and the head of the Senate Banking Committee.
D) and the Secretary of the Treasury.
A
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If penalties for trading illegal drugs are instituted on both buyers and sellers, the
A) quantity might increase or decrease but the price will rise. B) price might rise or fall, but the quantity will decrease. C) price and the quantity will both decrease. D) price and the quantity will both increase.
When the production or consumption of a good involves an externality: a. resources are necessarily overallocated to the good
b. resources are necessarily underallocated to the good. c. someone not involved in buying or selling the good is affected. d. the market will efficiently allocate resources to its production.
If the Fed increases the reserve ratio from 5 percent to 12.5 percent, then the money multiplier
a. decreases from 20 to 8. b. decreases from 12.5 to 5. c. increases from 8 to 20. d. increases from 5 to 12.5.
The reoccurrence of contagious diseases should be significantly lower in a technically advanced nation such as the United States. This statement is best described as
A. a marginal statement. B. a positive statement. C. an implication of an efficient market. D. a normative statement.