The members of the Board of Governors of the Fed are:
a. elected by the member banks
b. chosen by the state governors.
c. elected for seven-year terms.
d. all replaced after each Presidential election.
e. appointed by the president with the approval of the Senate.
e
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If government is to allocate resources efficiently, _____
a. competition among local governments should be limited in scope b. local governments should transfer powers to state governments whenever possible c. public goods should always be provided by the federal government d. public goods should be devolved to local governments whenever feasible
Which of the following is not correct?
a. The inflation rate is measured as the percentage change in a price index. b. For the last 40 or so years, U.S. inflation hasn't shown much variation from its average rate of about 2 percent. c. During the 19th century there were long periods of falling prices in the U.S. d. Some economists argue that the costs of moderate inflation are not nearly as large as the general public believes.
Josh wants to go to the football game this weekend, but he has a paper due on Monday. It will take him the whole weekend to write the paper. Josh decides to stay home and work on the paper. According to the Scarcity Principle, the reason Josh doesn't go to the game is that:
A. writing the paper is easier than going to the game. B. Josh prefers schoolwork to football games. C. Josh can't go the game and finish the paper. D. going to the game won't be fun.
A network externality acts as a barrier to entry.
Answer the following statement true (T) or false (F)