The Board of Governors of the Fed:
A. consists of seven state governors who represent the views of individual states in monetary policy.
B. consists of seven members appointed by the President of the United States, who together act as the key decision-making entity for monetary policy.
C. consists of 13 large commercial bank CEOs who represent the interests of the private banking sector in monetary policy.
D. is the primary monetary group responsible for buying and selling bonds designed to change reserves in the banking system.
The Board of Governors is the key decision maker for monetary policy.
B. consists of seven members appointed by the President of the United States, who together act as the key decision-making entity for monetary policy.
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Along the elastic range of a demand curve, a decrease in price causes:
a. no change in total revenue. b. a decrease in total revenue. c. an increase in total revenue. d. an unpredictable change in total revenue.
One would speak of a change in the quantity of a good supplied, rather than a change in supply, if
A) supplier expectations about future prices change. B) the price of the good changes. C) the cost of producing the good changes. D) prices of substitutes in production change.