Which of the following is responsible for the Fed's daily activity in financial markets?
A. The Board of Governors.
B. Bank of America.
C. The House of Representatives Ways and Means Committee.
D. The FOMC.
Answer: D
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Milton Friedman and Edmund Phelps contributed which insight(s) to Phillips curve analysis?
A) that inflation is directly related to expectations of future inflation B) that inflation is negatively related to the unemployment gap C) that in the long run unemployment will be at the natural rate D) all of the above E) none of the above
In which countries of the world has Malthus's prediction come closest to being true?
A. The highly industrialized countries B. The less developed countries C. The non-Christian countries D. The countries in the temperate zone
In the figure above, for the 3,000th unit, the maximum price a consumer is willing to pay is
A) $5. B) $10. C) $15. D) $0. E) $25.
Water has a ________ marginal utility and brings a ________ consumer surplus; diamonds have a ________ marginal utility and bring a ________ consumer surplus
A) small; small; large; large B) large; large; small; small C) small; large; large; small D) large; small; small; large