Which of the following entities actually executes open-market operations?
a. the Board of Governors
b. the New York Federal Reserve Bank
c. the Federal Open Market Committee
d. the Open Market Committees of the regional Federal Reserve Banks
b
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If you were a Keynesian economist, what policies would you likely suggest to respond to a recession?
a. moderate tax cuts and increases in government spending b. cuts in government spending and moderate tax increases c. tax refunds and deep cuts to social programs d. government investments in defense and anti-inflation measures
Explain how the invisible hand delivers an efficient market outcome
What will be an ideal response?
Refer to Figure 4-9. The price buyers pay after the tax is
A) $12. B) $8. C) $5. D) $3.
The first fundamental theorem of welfare economics states that
A) under certain conditions, a competitive equilibrium is Pareto optimal. B) a competitive equilibrium is always Pareto optimal. C) under certain conditions, a Pareto optimum is a competitive equilibrium. D) a Pareto optimum is always a competitive equilibrium.