The Federal Reserve Board of Governors has:
A. Seven members appointed by the president of the United States.
B. Fourteen members appointed for seven-year terms by the president of the United States.
C. Seven members elected by U.S. citizens.
D. Fourteen members selected by the U.S. Senate.
A. Seven members appointed by the president of the United States.
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A researcher finds that for an economy, the nominal GDP in the year 2012 equals the nominal GDP in the year 2013. He also finds that the output of the economy has been the same over the two years. A situation like this is possible only if:
A) the annual inflation rate in the economy is negative. B) the annual interest rate in the economy is negative. C) the annual interest rate in the economy is zero percent. D) the annual inflation rate in the economy is zero percent.
Tests, using Leontief's methodology, to explain trade patterns of other countries
A) show that the Leontief Paradox holds only for the United States. B) show that paradoxical results obtain for some countries but not for others. C) show that the Leontief paradox holds in every case. D) have never been performed.