Why does the Federal Reserve System have a high degree of political independence?
(A) The system has only advisory power.
(B) The system is owned by the banks.
(C) It is divided into geographical districts.
(D) The governors are appointed for life terms.
Ans: (B) The system is owned by the banks.
Economics
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________ gross domestic product is the value of ________ linked back to the prices of a single year
A) Real; total production B) Real; production possibilities C) Productivity; the consumer price index D) Nominal; total production
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All of the following are characteristics of monopolistic competition EXCEPT
A) a few firms dominate the industry. B) product differentiation. C) many firms in the industry. D) advertising.
Economics