Federal Advisory Council (FAC).
What will be an ideal response?
This council, established by the Federal Reserve Act, comprises 12 representatives of the banking industry. The FAC ordinarily meets with the Board four times a year, as required by law. Annually, each Reserve Bank chooses one person to represent its District on the FAC. FAC members customarily serve three one-year terms and elect their own officers
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Why is a small country more likely to gain from international trade than a large country?
a. Because autarkic relative prices in a small country are likely to be quite different from the world relative prices. b. Because a small country, unlike a large country, does not have the resources it needs to be self-sufficient. c. Because small countries tend to be specialized in their production, while large countries tend to be diversified. d. Because a small country is less likely to encounter decreasing returns to scale than is a large country.
If 25 workers can pick 100 flats of strawberries per hour, then average product is
A) 100 flats per hour. B) 125 flats per hour. C) 75 flats per hour. D) 4 flats per hour. E) More information is needed about how many flats 24 workers can pick.
When supply and demand both increase, the
A) quantity definitely decreases. B) quantity definitely increases. C) price definitely increases. D) price definitely decreases.
According to modern Keynesian analysis, an increase in aggregate demand leads to a higher price level because the
A) aggregate demand curve is upward sloping. B) short-run aggregate supply curve is upward sloping. C) aggregate demand curve is upward horizontal. D) short-run aggregate supply curve is vertical.