All of the following are elements in the structure of the Fed EXCEPT the
A) 12 Federal Reserve Banks.
B) presidents of the 12 Federal Reserve Banks.
C) Executive Council to the Governor.
D) Board of Governors.
E) Federal Open Market Committee.
C
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Why should imports be excluded from gross domestic product? How is a purchase of an import recorded in the components of GDP?
What will be an ideal response?
Refer to the above figure. Suppose the government requires the natural monopolist to charge the efficient price. Then profits for the firm will be
A) zero. B) losses equal to Q4 times distance f-g. C) losses equal to Q3 times distance d-e. D) profits equal to Q1 times distance a-b.
Using the standard 45° line diagram, how does a decrease in investment spending effect the expenditure schedule?
A. It increases the slope of the expenditure schedule. B. It decreases the slope of the expenditure schedule. C. It shifts the expenditure schedule downward. D. It shifts the expenditure schedule upward.
It is _____ that in the classical model, prices and wages are fixed; it is _____ that according to the classical economists, full employment is the norm.
A. true; true B. false; false C. false; true D. true; false