The Fed is institutionally independent. A major advantage of this is that monetary policy
A. is subject to regular congressional scrutiny.
B. will often offset fiscal policy.
C. is not controlled by politicians.
D. is usually coordinated with fiscal policy.
Answer: C
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People must make choices because
A) most people enjoy shopping. B) of scarcity. C) there are many goods available. D) the question "What goods and services are produced?" is not adequately answered. E) making choices is in the social interest.
Suppose that elimination of tariffs on agricultural products means that 1,000 farm workers lose jobs that pay an average of $20,000 per year
At the same time, because of the importation of relatively cheaper foreign vegetables, 150 million consumers save $2 per year on their grocery bills. a. What is the total income lost by farm workers because of the free trade? b. What is the total dollar amount saved by all consumers combined? c. Which is greater, the lost income or the consumer savings? Do the benefits of free trade outweigh the costs in this simple example? d. Which group is most likely to become politically involved over the issue of removing the tariffs, the farm workers or the consumers? Why?
The figure above shows the market for coffee. If one firm owns all the coffee outlets and sells 10 million pounds of coffee a month, the deadweight loss is
A) zero. B) $7.5 million. C) $15 million. D) $10 million
Briefly explain the economic concept of elasticity
What will be an ideal response?