The Federal Open Market Committee (FOMC) consists of:
a. the Board of Governors and the Secretary of the Treasury
b. the presidents of the 12 Federal Reserve Banks.
c. the Board of Governors and some of the Federal Reserve Bank presidents.
d. the Comptroller of the Currency and seven Reserve Bank presidents.
e. representatives from banks throughout the U.S.
c
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The idea that a tax cut will create an incentive for people to increase their quantity of labor supplied, which will shift aggregate supply to the right and that will lower the price level and increase real GDP, is held by the
a. rational expectations school b. school of supply-side economics c. neo-Keynesian school d. classical school e. Keynesian school
D. Overstates the actual multiplier because it excludes leakages in domestic spending from the purchase of imports or the paying of taxes
A. The multiplier effect B. A recessionary gap C. An inflationary gap D. The marginal propensity to save