Members of the Federal Reserve Board of Governors are appointed for one 14-year term so that they
A. Make their decisions based on economic, rather than political, considerations.
B. Have enough time to travel to all 12 regional banks.
C. Have time to learn how the Fed operates.
D. Are more likely to make politically acceptable decisions.
Answer: A
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Mason and Chloe each produce two goods. According to the principle of comparative advantage, the total output produced by these individuals will be greatest
A) if Chloe produces both goods and Mason produces nothing. B) if each good is produced by the individual who has the lower opportunity cost of producing that good. C) if each good is produced by the individual who has the higher absolute cost of producing that good. D) if Mason produces both goods and Chloe produces nothing.
In the absence of discrimination, as human capital investments increase, wages will generally
A) decrease. B) increase. C) not change. D) increase or decrease.