The Federal Open Market Committee is
a. the group at the Federal Reserve that sets monetary policy.
b. in charge of tax collection
c. the group that sets the amount of government spending.
d. the group that reviews income assistance programs.
a
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Since 1970, as a percent of GDP, M1 held has steadily decreased. Which of the following can account for this fact?
A) Real GDP has increased since 1970. B) The price level has risen since 1970. C) The nominal interest rate has steadily risen since 1970. D) The nominal interest rate has steadily fallen since 1970. E) Credit cards have become more widely available since 1970.
Consider a production possibilities curve for an economy producing bicycles and video game players. It is possible to increase the production of bicycles without sacrificing video game players if:
a. the production possibilities curve shifts outward due to technological progress b. the production possibilities curve shifts outward due to increased immigration (which enlarges the labor force). c. the economy moves from a point inside the production possibilities curve to a point on the curve. d. any of the above occur.
The relationship between price and quantity demanded is said to be;
(a) Positive. (b) Negative. (c) Inverse. (d) Negative or inverse.
Exhibit 4-8 Demand and supply curves
In Exhibit 4-8, a movement from A to D is best described as a(n):
A. increase in the quantity demanded and an increase in supply. B. increase in supply and demand. C. increase in both the quantity demanded and supplied. D. increase in the quantity supplied and in the demand.