FOMC voting rights
a. are given to all twelve regional bank presidents.
b. rotate among the twelve regional bank presidents
c. rotate among the twelve regional bank presidents, except the president of the New York Fed, who always gets a vote.
d. are all given to the president of the New York Fed, since all of the Fed's bond sales and purchases are conducted at the New York Fed trading desk.
c
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A macroeconomic equilibrium occurs when the
A) quantity of real GDP demanded is greater than the quantity of real GDP supplied. B) quantity of real GDP demanded equals the quantity of real GDP supplied and both equal potential GDP. C) quantity of real GDP demanded equals the quantity of real GDP supplied even if they are not equal to potential GDP. D) quantity of real GDP demanded is less than the quantity of real GDP supplied. E) None of the above answers is correct.
In the short run, when the Fed increases the quantity of money
A) bond prices rise and the interest rate falls. B) bond prices fall and the interest rate rises. C) the demand for money increases. D) the supply of money curve shifts leftward.
The slope of the aggregate supply curve is
a. perfectly vertical. b. perfectly horizontal. c. upward. d. downward.
Oligopolists have an incentive to coordinate price because with coordination
A. The market demand curve is perfectly inelastic. B. Each firm faces a relatively inelastic demand for its product. C. Each firm faces a perfectly inelastic demand for its product. D. The demand for each firm's product is kinked.