The Federal Open Market Committee consists of the seven members of the ________, the president of the Federal Reserve Bank of New York, and ________
A) Council of Economic Advisors; four members of the U.S. Banking Committee
B) Council of Economic Advisors; four presidents from the 11 Federal Reserve banks
C) Federal Reserve's Board of Governors; four presidents from the other 11 Federal Reserve banks
D) Federal Reserve's Board of Governors; four members of the Council of Economic Advisors
C
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Which product is most likely to be the most price elastic?
A. Milk B. Housing C. Clothing D. Automobiles
Answer the following statements true (T) or false (F)
1. A rightward shift of the Phillips Curve suggests that a lower rate of unemployment is associated with each inflation rate. 2. In the context of the Phillips curve, stagflation can only be understood as a rightward shift of the curve. 3. A stable Phillips curve does not allow for the possibility of stagflation. 4. The implication of the long-run Phillips Curve is that there is no trade-off between inflation and unemployment in the long-run. 5. The long-run Phillips Curve is essentially a horizontal line at the economy's natural rate of inflation.