Each governor of the Federal Reserve is
A) appointed by the President to a 4-year term.
B) appointed by the President to a 14-year term.
C) appointed by the President for life.
D) elected by the Presidents of banks and savings institutions.
B
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The stabilization policies of government are most likely to promote
A) high employment. B) price stability. C) reduced aggregate fluctuations. D) the interests of those who plan and execute them. E) the interests of the majority of voters.
Suppose the government spending multiplier is 2. The federal government cuts spending by $40 billion. What is the change in GDP if the price level is not held constant?
A) an increase of less than $80 billion B) an increase equal to $80 billion C) an increase of greater than $80 billion D) a decrease of less than $80 billion E) a decrease of more than $80 billion