The Board of Governors of the Federal Reserve System does NOT
A) consist of seven members with fourteen-year terms.
B) include the presidents of the twelve Federal Reserve Banks.
C) utilize a system of rotations so that a position comes open every two years.
D) consist of members whose appointments have been approved by the Senate.
B
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When a nation imports a good or service, the nation's consumer surplus ________, its producer surplus ________, and its total surplus ________
A) increases; decreases; increases B) increases; decreases; decreases C) increases; increases; increases D) decreases; decreases; decreases E) decreases; decreases; increases
Richard Baldwin's estimate was that the euro increased the trade level of its users by
A) only 5 percent. B) only 9 percent. C) over 30 percent. D) over 50 percent. E) only 12 percent.
Minimum wage legislation
a. sets a price ceiling above the market-clearing price b. has no impact if the minimum wage is above the market-clearing price c. affects every worker in every trade in precisely the same way d. creates some degree of unemployment when the minimum wage is above the equilibrium wage e. is opposed by organized labor
In-kind benefits are a way of correcting
A. Natural monopoly. B. Market power. C. Inequity. D. Government failure.