The members of the Federal Open Market Committee are
A) the Treasury secretary, the head of the Federal Deposit Insurance Corporation, and the Comptroller of the Currency.
B) the seven members of the Fed's Board of Governors and five of the Federal Reserve bank presidents.
C) the President, the Speaker of the House of Representatives, and the Senate Majority Leader.
D) the five top officials at the Federal Reserve Bank of New York's Trading Desk.
Ans: B) the seven members of the Fed's Board of Governors and five of the Federal Reserve bank presidents.
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When the factor market is purely competitive, the firm's average expenditure curve for a factor of production is
A) upward sloping and to the right of the marginal expenditure curve. B) downward sloping and to the right of the marginal expenditure curve. C) identical to the marginal expenditure curve. D) downward sloping and to the left of the marginal expenditure curve.
In economics, the term "marginal" refers to
A. inverse. B. a change in the total. C. average change. D. total.
Which of the following statements about commission systems of compensation is false?
A) During sluggish periods, an employer's payroll expenses will decline along with sales. B) If workers are paid on the basis of the number of units produced, they may become less concerned about quality. C) They increase the risk to workers because sometimes output declines for reasons not connected to the worker's effort. D) The lack of income stability will induce the more productive workers to leave in search of more secure employment.
How is asymmetric information related to asset-price bubbles?
What will be an ideal response?