The group within the Federal Reserve System that determines the general course for the nation's money supply is the
a. Federal Monetary Oversight Committee
b. Federal Advisory Council
c. Board of Governors
d. Department of Commerce
e. Federal Open Market Committee
E
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Using the demand schedule in the table above, the total revenue a perfectly price discriminating monopolist receives from selling 5 units of output is
A) $5. B) $15. C) $18. D) $25.
Suppose Winston's annual salary as an accountant is $60,000, and his financial assets generate $4,000 per year in interest. One day, after deciding to be his own boss, he quits his job and uses his financial assets to establish a consulting business, which he runs out of his home. To run the business, he outlays $8,000 in cash to cover all the costs involved with running the business, and earns revenues of $150,000. What are Winston's explicit costs?
A. $64,000 B. $72,000 C. $8,000 D. $12,000
The demand for health care in industrially advanced economies is:
A. highly elastic with respect to both price and income. B. highly inelastic with respect to both price and income. C. highly elastic with respect to income but highly inelastic with respect to price. D. about unit elasticity with respect to income and relatively inelastic with respect to price.
The crowding-out effect of expansionary fiscal policy suggests that:
A. tax increases are paid primarily out of saving and therefore are not an effective fiscal device. B. increases in government spending financed through borrowing will increase the interest rate and thereby reduce investment. C. it is very difficult to have excessive aggregate spending in the U.S. economy. D. consumer and investment spending always vary inversely.