Why is the Chairman of the Federal Reserve often referred to as the "second most powerful person in the United States?"
The Fed's policy decisions influence the rate of inflation in the long-run and the economy's employment and production in the short-run. The importance of the Chairman results from the fact that the Chairman directs the Fed staff and presides over board meetings.
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Transactions costs are
A) zero in financial markets. B) zero in financial intermediaries. C) the costs of direct financial transactions. D) equal to the taxes imposed on financial transactions.
In 1938, President Franklin D. Roosevelt signed the Fair Labor Standards Act which established a __________workweek
a. 35 hour b. 38 hour c. 44 hour d. 48 hour
During the 1990s, the nominal price of crude oil ____ and the real price ____
a. leveled off; fell b. fell; leveled off c. rose; fell d. fell; rose
Virtual currency unit 2 (VCU2) is different from VCU1 because:
a. VCU1 cannot be spent in the real world; VCU2 can be spent in the real world. b. VCU1 can only be purchased with real-word currencies. VCU2 can be purchased with real-world currencies and also earned in the virtual world. c. VCU1 cannot be converted into legal tender; VCU2 can be converted into legal tender. d. VCU1 can only be earned in the virtual world; VCU2 can be earned in the virtual world or purchased with legal tender.