The key decision maker for general Federal Reserve policy is the:
A. Federal Open Market Committee.
B. Board of Governors.
C. Federal Advisory Council.
D. Regional Federal Reserve banks.
B. Board of Governors.
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Labor is typically assumed to be the only variable input in very short-run production systems, and the number of variable inputs increases as we lengthen our planning horizon from short run to long run
What happens to the labor demand curve as we move from short run to long run? A) Demand curve becomes less elastic B) Demand curve elasticity does not change C) Demand curve becomes more elastic D) Demand curve becomes upward sloping
Refer to the table below. According to the table, Martha has the absolute advantage in: Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. both pies and cakes. B. cakes. C. pies. D. neither pies nor cakes.