Which of the following statements is correct?
A) The Fed is fully insulated from external pressures due to the long terms that members of the Board of Governors serve.
B) The Fed is fully insulated from external pressures because it does not need to go through the normal congressional appropriations process.
C) The Fed is fully insulated from external pressures because it has a constitutional mandate.
D) The Fed is only partially insulated from external pressures.
D
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The supply-and-demand model may not be appropriate in markets with large transaction costs
What will be an ideal response?
A profit-maximizing, single-price monopoly must lower its price in order to sell more output
a. True b. False
Economic analysis requires both mathematical reasoning and historical study.
Answer the following statement true (T) or false (F)
Which of the following statements is NOT true of GDP?
A. GDP excludes nonmarket production. B. GDP is the value of final goods and services produced in the economy. C. GDP is not a measure of a nation's overall welfare. D. There are no significant weaknesses in using GDP as a measure of the nation's economic performance.