The seven members of the Board of Governors of the Federal Reserve are appointed by
A) Congress.
B) the Treasury Department.
C) the President.
D) leaders in the banking industry.
E) the Governors of the States.
C
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Which of the following is NOT an implication of the theory of purchasing power parity?
A) Exchange rates move to equalize the purchasing power of different currencies. B) Exchange rates should be at a level that makes it possible to buy the same amount of goods and services with the equivalent amount of any country's currency in the long run. C) A country with a higher inflation rate should experience an appreciation of its currency. D) The real exchange rate should equal one.
The price elasticity of demand is the
A) percentage change in quantity demanded divided by the percentage change in price. B) change in quantity demanded divided by the change in price. C) percentage change in price divided by the percentage change in quantity demanded. D) change in price divided by the change in quantity demanded.