Members of the Board of Governors
A. are appointed by the U.S. president, while presidents of the regional Federal Reserve Banks are appointed by those banks' boards of directors.
B. are appointed by the regional Federal Reserve Banks' boards of directors while the presidents of the regional Federal Reserve Banks are appointed by the U.S. president.
C. and the presidents of the regional Federal Reserve Banks are appointed by the U.S. president.
D. and the presidents of the regional Federal Reserve Banks are appointed by the regional Federal Reserve Banks' boards of directors.
Ans: A. are appointed by the U.S. president, while presidents of the regional Federal Reserve Banks are appointed by those banks' boards of directors.
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Mode income is
A) the most common income. B) the average income. C) the middle income level. D) the same as money income.
In the late 1970s into the early 1980s, interest rates were high and very volatile. During this period:
A. money demand as well as velocity should have also been shifting and volatile. B. the Fed was actually targeting the short-term interest rate. C. the velocity of money should have been stable. D. it should have been easy for the Fed to predict the velocity of money.
Economic rent is the minimum payment necessary to induce any of the factor to be supplied.
Answer the following statement true (T) or false (F)
A competitive market is one in which
a. there is only one seller, but there are many buyers.
b. there are many sellers and each seller has the ability to set the price of his product.
c. there are many sellers and they compete with one another in such a way that some sellers are always being forced out of the market.
d. there are so many buyers and so many sellers that each has a negligible impact on the price of the product.