Discount rates are __________ every two weeks by the directors of each regional Federal Reserve Bank but are __________ by the Board of Governors

The _________________ is a relationship between inputs and output that identifies the maximum output which can be produced per time period by each specific combination of inputs.

Fill in the blank(s) with the appropriate word(s).

Refer to the above figure. A budget deficit occurs when real national income is

A) Y3. B) Y1. C) Y2. D) None of the above: cannot be determined given the information.