When the Federal Open Market Committee (FOMC) votes on policy, they do so
A) in the following order: the chair, the vice chair, the remaining FOMC members in alphabetical order.
B) in order based on seniority at the Fed.
C) in the following order: the chair, the vice chair, the remaining FOMC members by seniority at the Fed.
D) in alphabetical order.
A
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In 1980, in order to stimulate agricultural production, Fidel Castro allowed Cuban farmers to sell their goods directly to consumers and keep whatever profit they made. Some farmers were earning $50,000 per year, compared with the average worker income of $2,400. The workers resented this. Castro denounced the farmers as “capitalist gangsters” and closed the free markets. Cuban cash income declined 5 percent and fresh vegetables were in short supply. This illustrates the economic concept of the
A. law of comparative advantage. B. equality-efficiency trade-off. C. cost disease of the service sector. D. unemployment-inflation trade-off. E. All of these responses are correct.
In long-run equilibrium, the monopolistically competitive firm:
a. will break even. b. will cease to advertise. c. will earn a positive economic profit. d. will face a perfectly elastic demand curve. e. will no longer need to engage in non-price competition.