The public interest view of Fed motivation holds that the Fed acts in the interest of
A) the general public.
B) banks.
C) Congress.
D) itself.
A
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Suppose that some country had an adult population of about 50 million, a labor-force participation rate of 60 percent, and an unemployment rate of 5 percent. How many people were unemployed?
a. 1.425 million b. 1.5 million c. 2.5 million d. 5 million
The substitution effect of wages states that a decreased wage rate
A. Will shift the labor supply curve rightward. B. Will lead to a movement up along the existing supply curve. C. Encourages people to consume less leisure. D. Encourages people to work less hours.
Which of the following is generally not a result of increases in productivity per person?
A. increases in per capita income. B. increases in GDP per capita. C. increase in unemployment. D. economic growth.
Answer the following statements true (T) or false (F)
1. Monopolistic ally competitive firms exist due to high barriers to entry. 2. Monopolistic ally competitive firms have some control over the price of their products. 3. Brand names and packaging are forms of product differentiation under monopolistic competition. 4. The demand curve faced by a monopolistic ally competitive firm is more elastic than the monopolist's demand curve. 5. The larger the number of firms in an industry and the less the extent of product differentiation, the greater will be the elasticity of the individual seller's demand curve.