The Board of Governors of the Federal Reserve System is
A) elected by the member banks' presidents.
B) appointed by the Secretary of the Treasury
C) appointed by the state governors in each Federal Reserve district.
D) appointed by the president of the United States and confirmed by the Senate.
Ans: D) appointed by the president of the United States and confirmed by the Senate.
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The productive resource that includes all the "gifts of nature" is called
A) land. B) labor. C) capital. D) entrepreneurshi
In econometrics, we typically do not rely on exact or finite sample distributions because
A) we have approximately an infinite number of observations (think of re-sampling). B) variables typically are normally distributed. C) the covariances of Yi, Yj are typically not zero. D) asymptotic distributions can be counted on to provide good approximations to the exact sampling distribution (given the number of observations available in most cases).