Monetary policy is conducted
A) only by the Federal Reserve.
B) by the Federal Reserve and the President of the United States.
C) by the Federal Reserve, the President of the United States, and Congress.
D) by the Federal Reserve with veto power residing with the President of the United States.
A
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When using the income approach to measure GDP at market prices, in addition to summing all factor incomes it is necessary to ________
A. subtract depreciation because profit is not reported as net profit B. add depreciation because capital depreciates when goods are manu-factured C. add indirect taxes less subsidies to convert aggregate income from factor cost to market prices D. add a statistical discrepancy which is the sum of depreciation and in-direct taxes less subsidies
Several years ago, Alcoa was effectively the sole seller of aluminum because the firm owned nearly all of the aluminum ore reserves in the world. This market was not perfectly competitive because this situation violated the:
A) price-taking assumption. B) homogeneous product assumption. C) free entry assumption. D) A and B are correct. E) A and C are correct.