The main policy-making body of the Federal Reserve System is the
A) Board of Governors.
B) Federal Open Market Committee.
C) Federal Reserve Banks.
D) member commercial banks.
B
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Nigeria would be classified by the International Monetary Fund as
A) a resource-based economy. B) an emerging market economy. C) a transition economy. D) a developing economy. E) an advanced economy.
To maintain their economic profits, firms in monopolistic competition must continually engage in
A) product innovation and development. B) lowering their product's price. C) raising their product's price. D) realizing short-run losses. E) making the demand for their product more elastic.
In a contestable market the Herfindahl-Hirschman Index is ________ and the market behaves as if it is ________
A) low; perfectly competitive B) low; a monopoly C) high; perfectly competitive D) high; a monopoly
Recently several food companies have adopted policies for "humane" treatment of animals to apply to providers of their meats. The food companies expect that their action will help differentiate their product from their competitors who have not adopted such policies. They expect that "differentiation" of their product will allow them to:
a) Do little to change their price because the food industry is a very competitive industry b) Lower price so they will be able to sell more product c) Raise price to cover higher input costs and get higher profit