To minimize the effect of short-term political pressure on the Fed's Board of Governors, the governors are all appointed to their terms:
a. in different years, and their terms are long
b. in different years, and their terms are short.
c. in the same year, and their terms are long.
d. in the same year, and their terms are short.
e. in the same year, and their terms are shorter than that of the chairman of the Federal Reserve Board.
a
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From 1980 to 2014, the average annual growth rate for the Mexican economy has been 0.8 percent. Based on that growth rate and using the rule of 70, the number of years it will take real GDP per capita to double in Mexico is approximately
A) 9 years. B) 11 years. C) 56 years. D) 88 years.
Refer to Figure 13-3. Which of the points in the above graph are possible short-run equilibria?
A) A and D B) A and C C) A and B D) A, B, C, and D
Lump-sum taxes reduce the total amount of revenue that can be raised because:
A. people perceive them to be unfair. B. they have large administrative burdens. C. the size of the tax is limited by the poorest citizens' ability to pay. D. they are often applied inefficiently.
Consider two craft bourbons distilled in Brooklyn, New York: Kings County and Stillhouse. If the distilleries advertise, they can both sell more bourbon and increase their revenue. However, the cost of advertising more than offsets the increased revenue
so that each distillery ends up with a lower profit than if they do not advertise. On the other hand, if only one advertises, that distillery increases its market share and also its profit. a. Construct a payoff matrix using the following hypothetical information: If neither distillery advertises: each earns a profit of $500,000 per year. If both advertise: each earns a profit of $250,000 per year. If one advertises and the other does not: the distillery that advertises earns a profit of $750.000 and the distillery that does not advertise earns a profit of $125,000. b. If the two distilleries agree to coordinate their strategies, what is the outcome?