Which of the following is TRUE regarding the Federal Open Market Committee (FOMC)?
A) It is the main policy-making group of the Congress.
B) Representatives from each state control its operation.
C) It meets about every six weeks to decide on monetary policy.
D) Both answers A and C are correct.
C
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In response to an unanticipated tightening of monetary policy, the price level ________ at first, then ________ after a year
A) rises; returns most of the way to its original value B) falls; returns most of the way to its original value C) remains roughly unchanged; begins to rise D) remains roughly unchanged; begins to fall
The Bertrand model of price setting assumes that a firm chooses its price
A) independently of what price other firms charge. B) subject to what price rival firms are charging. C) so that joint profits are maximized. D) without considering the shape of the demand curve.