Which of the following is the official policy-making body of the Federal Reserve System?
a. Federal Advisory Council
b. The U.S. Treasury
c. The Federal Open Market Committee
d. The Board of Governors
e. The Federal Reserve district banks
c
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
At least one economist has suggested that even large developing-country cities are economically too small. What argument would support this contention? How would you argue against it?
What will be an ideal response?
Money eliminates the need for
A) any government role in the economy. B) specialization. C) people to have a double coincidence of wants. D) the market system.
If population is expanding at a faster rate than a country's real output is expanding: a. real per capita output would increase
b. real per capita output would decrease. c. the production possibilities curve for the country as a whole will be shifting outward. d. both (b) and (c) would be true.