Which of the following individuals serve a four-year term?
a. the members of the Board of Governors
b. the Chair of the Board of Governors
c. the members of the FOMC
d. All of the above are correct.
b
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If the price elasticity of demand for a product is -2.5, then a price cut from $2.00 to $1.80 will ________ the quantity demanded by about ________.
A. decrease; 2.5% B. increase; 25% C. increase; 250% D. increase; 2.5%
Which of the following will NOT cause a shift in the demand curve for reserves?
A) Business cycles B) A change in the federal funds rate C) Changes in deposit base D) Liquidity shocks
The real wage rate is the ________ divided by the ________
A) equilibrium quantity of employment; potential GDP B) nominal wage rate; inflation rate C) nominal wage rate; price level D) quantity of labor demanded; quantity of labor supplied E) quantity of labor supplied; quantity of labor demanded
Describe three arguments of why some economists object to the predictions of the rational expectations theory and do not subscribe to the conclusions of this approach