Which of the following is not a member of the Federal Open Market Committee (FOMC)?
A) The entire board of governors
B) Five reserve bank presidents
C) The chairman of the SEC
D) All of the above are members of the FOMC.
C
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According to economic theory, how do people make decisions?
A) They make decisions in the same manner as their parents did. B) They make decisions by looking at what others have done in the same situation and then doing the opposite. C) They make decisions by looking at what others have done in the same situation and then doing the same. D) They make decisions based on their own self-interest.
The marginal revenue product of a resource is equal to the value of marginal product when the product produced by the resource is sold in
a. a competitive price-taker market. b. a competitive price-searcher market. c. an oligopolistic market. d. a monopolistic industry.
The sacrifice ratio is the percentage point increase in the unemployment rate created in the process of reducing inflation by one percentage point
a. True b. False Indicate whether the statement is true or false
What is a mutual fund?