Members of the Federal Reserve Board of Governors are appointed for one fourteen-year term:
A. In an effort to isolate the Fed from political pressures.
B. So that Fed decisions will be based on political considerations.
C. To give Congress better control over the money supply.
D. In an effort to make the Fed responsive to voters.
A. In an effort to isolate the Fed from political pressures.
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Refer to the payoff matrix below. If Firm A adopts the low-price strategy, then Firm B would adopt the:
Answer the question based on the following payoff matrix for a duopoly in which the numbers indicate the profit in millions of dollars for each firm:
A. High-price strategy and earn $250
B. High-price strategy and earn $200
C. Low-price strategy and earn $325
D. Low-price strategy and earn $175
Demand for oil around the world tends to be very inelastic
Indicate whether the statement is true or false
A leftward shift of the money supply ________
A) may come about from an increase in the quantity of money supplied by the Federal Reserve B) may come about from an increase in the price level C) leads to a decrease in interest rates ceteris paribus D) all of the above E) none of the above
"The standard of living is too low for many individuals in the United States. The government should implement policies designed to achieve a more equal distribution of income." The preceding statements are
a. positive economic statements based on cause and effect. b. normative economic statements based on value judgments. c. based on the fallacy of composition argument. d. an empirically validated economic principle.