The key decision maker for general Federal Reserve policy is the:
A. Federal Open Market Committee.
B. Board of Governors.
C. Federal Advisory Council.
D. Regional Federal Reserve banks.
B. Board of Governors.
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Critics of the minimum wage argue that
a. labor demand is inelastic so firms can adjust production. b. too many older employees benefit at the expense of teenage workers. c. many minimum-wage earners are teenagers from middle-class families. d. All of the above are correct.
Corey visits a computer store. After Alicia shows him several laptop models, Corey picks one out and gives Alicia $1,200 to pay for it. Which function of money does this best illustrate?
a. medium of exchange b. store of value c. means of deferred payment d. unit of account
Goods that have spillover costs affect our collective well-being and therefore can be overproduced because
A. Most businesses are more concerned about profits than how the environment is affected. B. The government has failed to establish rules for contracts. C. The government is concerned about broad economic welfare. D. The government has failed to enforce contract provisions.
Suppose that a bank initially has a leverage ratio of 8 to 1. If this bank increases its capital by $1 million and its assets by $10 million, then the bank's:
A. leverage and risk increases. B. risk increases and its leverage decreases. C. leverage decreases and its liabilities increase. D. liabilities decrease and its leverage increases.