Members of the Board of Governors of the Fed are
a. elected to two-year terms by the Electoral College.
b. appointed by the president for four-year terms and confirmed by the Congress.
c. appointed by the president for 14-year terms and confirmed by the Senate.
d. appointed by the president for 14-year terms and confirmed by the Supreme Court.
c
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The deadweight loss incurred when the market in the above figure is a single-price monopoly rather than perfectly competitive is the area
A) cab. B) fcd. C) bed. D) fae.
The official unemployment rate can be criticized for both understating and overstating the true number of unemployed
a. True b. False Indicate whether the statement is true or false
Arbitrageur is someone who buys or sells foreign exchange in hopes of profiting from fluctuations in the exchange rate over time
Indicate whether the statement is true or false
New Keynesian theorists argue that
A) price and wage adjustments in response to policy changes often overcompensate and cause further price disruptions. B) prices and wages may not be free to adjust in response to policy changes. C) unions and big business have considerable power and often choose not to change wages and prices so as to deliberately offset policy changes enacted by the government. D) the Fed and the Congress rarely do what they say they will do, so one should never listen to what they say. E) new classical rational expectations theories about how expectations are formed are completely wrong.