The Chairman of the fome is:
A. the President of the New York Fed.
B. the Chairman of the Board of Governors.
C. the Secretary of the Treasury.
D. the Vice-Chairman of the Board of Governors.
Answer: B
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If the production technology in a Robinson Crusoe economy has increasing returns to scale, there is not competitive equilibrium.
Answer the following statement true (T) or false (F)
Suppose that the 12-month interest rates for the United States and the United Kingdom are 7% and 6% respectively, and E = 2.10 $/£. Given this information, what is the expected exchange rate change over the year?
A) 1% B) 4.2% C) 2.1% D) 2.0%
The basic difference between macroeconomics and microeconomics is:
A. microeconomics concentrates on individual markets while macroeconomics focuses primarily on international trade. B. microeconomics concentrates on the behavior of individual consumers while macroeconomics focuses on the behavior of firms. C. microeconomics concentrates on the behavior of individual consumers, firms, and industries while macroeconomics focuses on the performance of the entire economy. D. microeconomics explores the causes of inflation while macroeconomics focuses on the causes of unemployment.
Which of the following is true about the combination of mops and brooms represented by point E in Figure 1.3 and using PP1?
A. Point E is attainable only if more resources become available or technological advances are made. B. Point E is unattainable if this economy becomes more efficient. C. Point E is attainable if this economy uses more of its available resources. D. Point E is efficient now.