Which of the following is NOT a responsibility of the Board of Governors?
A) approving bank mergers
B) determining permissible activities for bank holding companies
C) carrying out open market operations
D) setting the salaries of the presidents and officers of district banks
C
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Which of these is the best measure of the average standard of living in an economy?
a. The unemployment rate b. Nominal income c. Real GDP d. National debt e. Real GDP per capita
If the government wishes to increase GDP by $1,000b, and the MPC is 0.6, it should increase its spending by:
A. $250b. B. $400b. C. $600b. D. $1,000b.
A market has four individuals, each considering buying a grill for his backyard. Assume that grills come in only one size and model. Abe considers himself a grill-master, and finds a grill a necessity, so he is willing to pay $400 for a grill. Butch is a meat-lover, honing his grilling skills, and is willing to pay $350 for a grill. Collin just met the girl of his dreams, and she loves a good grilled steak, so in his effort to impress her he is willing to pay $320 for a grill. Daniel loves grilled shrimp and thinks it might be cheaper in the long run if he buys a grill instead of eating out every time he wants grilled shrimp, so he is willing to pay $200 for a grill.If the market price of grills is $350, given the scenario described, total consumer surplus would be:
A. $870. B. $50. C. $750. D. $400.
The recession of 1973–1975 was unusual in that both inflation and unemployment increased at the same time. This suggests that the primary cause of the recession was an
A. inward shift of the aggregate demand curve. B. outward shift of the aggregate supply curve. C. inward shift of the aggregate supply curve. D. outward shift of the aggregate demand curve.