All of the following help make the Fed independent of the political process EXCEPT
A) financial independence.
B) chair of Fed receives a lifetime appointment.
C) Board members receive a long, nonrenewable appointment.
D) Board members' terms expire at different times, reducing the possible number of appointees by any one president.
B
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Suppose shoppers typically pay twice as much for frozen "convenience" foods compared to similar dinners they could prepare themselves. An economist would say
A) the purchase is inefficient because the consumer doesn't really need to pay twice as much for essentially the same dinner. B) the purchase is inefficient because the frozen dinner is of even lower quality than the homemade dinner, yet twice as expensive. C) the purchase is efficient if the consumer feels the savings in preparation time justifies the higher price. D) the purchase is efficient, but the consumer is still probably behaving irrationally.
Define comparative advantage