In January of 2006, the Federal Reserve
A. increased its target federal funds rate by a smaller amount than it had in several years.
B. increased its target federal funds rate by a larger amount than it had in several years.
C. increased its target federal funds rate by the same amount as it had in recent years.
D. left its target federal funds rate unchanged.
Answer: B
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The demand curve for each seller's product in perfect competition is horizontal at the market price because
A) all the sellers get together and set the price. B) all the demanders get together and set the price. C) the price is set by the government. D) each seller is too small to affect market price.
Refer to Figure 17-3. In Panel A, at low wages (segment i)
A) labor suppliers demand more leisure as wages increase. B) the substitution effect outweighs the income effect. C) the income effect outweighs the substitution effect. D) the substitution effect offsets the income effect.
The federal government began officially measuring poverty in the
A) 1860s. B) 1900s. C) 1930s. D) 1960s.
The monopolist is always constrained by:
A. government regulation. B. his production capacity. C. the barriers to entry. D. the amount demanders are willing to buy at any given price.