The main policy designer of the Federal Reserve system is the
A) 12 district banks.
B) President and Congress.
C) Federal Open Market Committee.
D) Council of Economic Advisors.
C
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Tom and Jerry are the only members of society. The table above shows their marginal benefits from defense satellites, a public good. If the marginal social cost of a satellite is $95, the efficient quantity of satellites is
A) 0. B) 1. C) 2. D) 3.
The market price system provides a highly efficient mechanism for disseminating information about relative scarcities of goods, services, labor, and financial capital.
Select whether the statement is true or false. A. True B. False
How does competition from nonunion firms and foreign producers affect the ability of a union to increase the wages of its members?
a. Such competition reduces the ability of a union to achieve wage increases. b. Such competition does not affect the ability of a union to achieve wage increases. c. Such competition will increase the strength of a union if it produces a product sold in the domestic market but reduce the strength of the union if it produces an export product. d. The effect of this type of competition will be entirely dependent on the elasticity of demand for labor in the domestic market.
Which of the following is responsible for invoking the Fed's emergency powers?
A. FOMC B. a majority of the Federal Reserve Bank presidents C. Board of Governors D. Fed Chairman