Which of the following serves as the chairperson of the Federal Open Market Committee?
A. The chairperson of the Board of Governors
B. The President of the Federal Reserve Bank of New York
C. The U.S. Secretary of Treasury
D. The Vice President of the United States
Answer: A
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In the actual economy, goods and services are purchased by
a. households, but not firms or the government. b. households and firms, but not the government. c. households and the government, but not firms. d. households, firms, and the government.
Which of the following observations concerning labor cost patterns over the last century is true?
A. Average real wages started rising after 1973. B. Hourly compensation rates have fallen dramatically. C. Compensation growth slowed markedly. D. Average hours worked per week have increased by almost 50 percent.
According to the general utility formula, the marginal utility of product A divided by the ____________ is equal to the marginal utility of product B divided by the _____________.
Fill in the blank(s) with the appropriate word(s).
transaction costs
What will be an ideal response?