Monetary policy is:
a. controlled by the president, who appoints the members of the Board of Governors
b. controlled by the president, who appoints the members of the Open Market Committee.
c. insulated from politics since the term of only two members of the Board of Governors expires during the tenure of any modern president of the U.S.
d. insulated from politics because the Federal Reserve Board is the bankers' bank.
e. controlled by the department of finance of the United States.
c
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The horizontal short-run aggregate supply curve
A) assumes that wages and all other input prices are constant. B) assumes that opportunity cost is constant. C) shows that real GDP can be increased only when prices increase. D) assumes that there is full employment in the economy.
Which of the following can be a signal of product quality to customers?
a. Discounts offered on bulk purchases of the product. b. Gift of complementary products offered to purchasers. c. The information provided by the salesperson about the product. d. A warranty provided along with the product.
Which of the following will have a downward impact on efficiency wages?
a. Low monitoring costs b. Excess supply in the labor market c. High equilibrium wage rate d. Excess demand in the labor market
Refer to the following graphs to answer the question below.
Select the graph that best shows the changes in demand and supply in the beef market if a new diet fad favoring beef consumption becomes hugely popular, while cattle producers see steeply rising costs of cattle feed.
A. graph (1) B. graph (2) C. graph (3) D. graph (4)