The seven members of the Board of Governors serve 14-year terms to:
A. reduce political influence.
B. provide steady employment.
C. inhibit independent decisions.
D. prevent illegal appointments.
Answer: A
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In the above figure, the economy is at point A when changes occur. If the new equilibrium has a price level of 120 and real GDP of $15.0 trillion, then it must be the case that
A) aggregate demand has increased. B) aggregate demand has decreased. C) aggregate supply has decreased. D) aggregate supply has increased.
Which of the following would lead to a rapid growth of the money supply in the future?
a. the use of large excess reserves by banks to extend additional loans b. a reduction in government expenditures to reduce the size of the federal deficit c. an increase in government expenditures financed by taxes d. an increase in the interest rate the Fed pays banks holding excess reserves
If government saving is negative (that is, if government is running a budget deficit), crowding out may occur. Crowding out could lead to all of the following EXCEPT
A) higher interest rate. B) decreased private saving. C) decreased quantity of investment. D) a smaller capital stock in the future.
In the long run, monopolistically competitive firms charge prices:
A. equal to the minimum of average total cost. B. equal to marginal cost. C. below marginal cost. D. above the minimum of average total cost.