Members of the Board of Governors are:
A. appointed by the President of the United States and confirmed by the Senate.
B. appointed by the President of the United States and confirmed by the House of Representatives.
C. appointed by the U.S. Secretary of Treasury and confirmed by the President of the United States.
D. appointed by member-banks and confirmed by the House of Representatives.
Answer: A
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In the long run, a perfect competitor
A) earns positive profits but will not make losses. B) earns positive economic profits. C) earns zero economic profits. D) produces at its shutdown point.
The term "deadweight loss" or "excess burden" is used to describe the
a. expenditures on exercise and weight-reducing programs by individuals who are overweight. b. loss from the elimination of mutually beneficial exchanges that results from the imposition of a tax in a market. c. difference between the value consumers place on a good and the price they have to pay for it. d. reduction in consumer welfare that occurs when the firms in a market make a profit.
The commodity substitution bias is that
A) consumers decrease the quantity they buy of goods whose relative prices rise and increase the quantity of goods whose relative price falls. B) consumers substitute more expensive goods for less expensive goods when technology advances. C) government spending is a good substitute for investment expenditures. D) national saving and foreign borrowing are interchangeable. E) consumers substitute high-quality goods for low-quality goods.
If the Fed's policies aim to increase aggregate demand, the Fed must fear
A) recession. B) a supply shock that increases aggregate supply. C) a supply shock that decreases potential GDP. D) stagflation. E) inflation.