Answer the following statements true (T) or false (F)
1. The members of the Board of Governors of the Federal Reserve System are appointed by the U.S. president.
2. Members of the Board of Governors are appointed for five-year terms.
3. All members of the Board of Governors are members of the Fed’s Open Market Committee.
4. Each Federal Reserve Bank can issue Federal Reserve notes.
5. Each District Reserve Bank has branch banks.
1. TRUE
2. FALSE
3. TRUE
4. TRUE
5. FALSE
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If government increases taxes by the same amount it increases government spending, there will be no effect on aggregate demand: the increase in government spending is offset by an equal decrease in consumption spending by households
Indicate whether the statement is true or false
In the U.S. economy in 1991, real GDP was 4861.4 (in billions of 1987 dollars), the capital stock was 13,806.2 (in billions of 1987 dollars), and employment was 118.4 (in millions of workers)
In 1992 the numbers were: real GDP 4986.3, capital stock 14,040.8, employment 119.2. Suppose the production function in both years is Y = AK0.25N0.75. (a) Calculate total factor productivity for 1991 and 1992. (b) How much did total factor productivity grow from 1991 to 1992? (c) Calculate the percent increase in real output between 1991 and 1992. (d) Suppose tax incentives had raised the capital stock in 1992, making it 10% higher, to 15,444.9. If employment didn't change, what would have been the percent increase in real output between 1991 and 1992? (e) Instead of the increase in the capital stock in part d, suppose employment was 10% higher in 1992, making it 131.1. With the capital stock fixed at 14,040.8, what would have been the increase in real output between 1991 and 1992?
Which of the following is not a benefit to lenders/investors of financial intermediation?
a. Higher yield than the direct market. b. Lower risks than the direct market. c. More diversification than the direct market. d. All the above are benefits to lenders. e. Lower transaction costs than the direct market.
Most favored nation (MFN) status means that a country treats another country
A) better than its other trading partners. B) the same as its other trading partners. C) worse than its other trading partners. D) any way it chooses since it is the "most favored nation."