Which of the Following Entities Has Been Delegated a Substantial

question 17

Multiple Choice

Which of the following entities has been delegated a substantial amount of authority in order to adjust the prime interest rate in response to economic conditions to encourage investments and ward off inflation?​

• A) ​​the Occupational Safety and Health Administration
• B) ​the Environmental Protection Agency
• C) ​the Federal Reserve
• D) ​the Treasury
• E) ​NASA

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Definitions:

Inferior Good

A type of good whose demand decreases when consumer income rises, unlike normal goods, which see an increase in demand with rising income.

Income Elasticity

A measure of how much the quantity demanded of a good responds to a change in consumers' income.

Labor-supply Curve

A graphical representation showing the relationship between the wage rate and the quantity of labor workers are willing to supply.

Elasticity Positive

Positive elasticity indicates that when the price of a good or service increases, the quantity demanded increases, or vice versa, showing a direct relationship between price and demand.