Which of the following is NOT an entity of the Federal Reserve System?
A) Federal Reserve Banks
B) the Comptroller of the Currency
C) the Board of Governors
D) the Federal Open Market Committee
B
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Today, firms in a perfectly competitive market are making an economic profit. In the long run, firms will ________ the market until all firms in the market are ________
A) exit; covering only their total fixed costs B) enter; making zero economic profit C) exit; producing at the minimum point on their long-run average cost curve D) enter; making zero normal profit
Suppose a consumer purchases pizza and soft drinks. If pizza is measured on the vertical axis and soft drinks are measured on the horizontal axis, then the slope of the budget line is equal to:
A. the price of pizza divided by the price of soft drinks. B. the price of soft drinks divided by the price of pizza. C. the price of pizza divided by the price of soft drinks times negative one. D. the price of soft drinks divided by the price of pizza times negative one.
When the IMF provides loans to developing countries, it often requires these countries to adopt:
A. a contractionary fiscal policy and an expansionary monetary policy. B. contractionary monetary and fiscal policies. C. expansionary monetary and fiscal policies. D. a contractionary monetary policy and an expansionary fiscal policy.
Explain why a firm's shut-down decision does not incorporate the fixed costs of the production facility.
What will be an ideal response?