Which of the following directs open market operations?
a. Board of Governors.
b. Federal Reserve Banks.
c. Federal Open Market Committee
d. Federal Advisory Council.
e. Member banks.
c
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Economists have found that the price elasticity of demand for water is higher in the summer than in the winter. Why is this likely to be so?
A. Winter water use tends to be for necessities such as cleaning and cooking, and summer water use tends to be for both necessities and non-necessities such as gardening and recreation. B. Winter is longer than summer, and price elasticity is lower over longer time horizons. C. Summer is longer than winter, and price elasticity is higher over longer time horizons. D. People take more vacations in the summer and so use less water at home.
According to _______________, if you suddenly inherited a large sum of money, you would spend only a small part of your inheritance right away.
A. the paradox of thrift B. the permanent income hypothesis C. Thorstein Veblen's Theory of the Leisure Class D. the theory of the multiplier
What is the most important determinant of aggregate demand?
a. investment b. government spending c. consumption d. net exports
Suppose that the current dividend for a stock is Dtoday, the expected dividend growth rate is r, and the interest rate is i. If we ignore risk, which of the following represents the dividend- discount model formula for the fundamental price of a stock?
A. Dtoday (1 + g) / (i - g) B. Dtoday / (i - g) C. Dtoday / (i + g) D. (i + g) / Dtoday