Each member of the Board of Governors of the Fed serves:
a. a four-year term that begins at the same time as that of the newly elected president.
b. a four-year term that does not coincide with the term of the current president
c. until a new president is elected.
d. a fourteen-year term.
e. a six-year term.
d
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For nearly every year since 1970, the United States has:
A. imported more than it exported. B. exported more than it imported. C. imported about the same as it has exported. D. held to very isolationist trade policy.
Automatic stabilizers in the United States are: a. changes in government transfer payments and tax revenues that vary automatically and inversely to business cycle changes. b. controlled by the Federal Reserve System to help control the business cycle
c. able to completely eliminate all the lag problems associated with fiscal policy. d. none of the above.
Personal consumption expenditures include
a. all goods that business firms buy b. the purchase prices paid for stocks and bonds by individual households c. the construction of residential housing d. all goods and services bought by households e. the corrected value of housewives' services
Explicit functions of the Fed include all the following except:
A. conducting fiscal policy. B. conducting monetary policy. C. serving as a lender of last resort to financial institutions. D. providing banking services to the U.S. government.