What Is the Length of the Term of the Members

question 222

Multiple Choice

What is the length of the term of the members of the Board of Governors of the Federal Reserve System?

• A)four years
• B)six years
• C)fourteen years
• D)life or until the member resigns

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Definitions:

Demand

The measure of a commodity or service consumers intend and are able to acquire at multiple price levels during a set time span.

Economic Profits

Profits exceeding the opportunity costs of all resources employed, including both explicit and implicit costs, signifying above-normal returns.

Long Run

An economic term referring to a period in which all factors of production and costs are variable, allowing for full adjustment to changes in the market.

Price-taking

A market condition in which individual buyers or sellers have no influence over the market price of a product, commonly seen in perfectly competitive markets.