Which of the Following Is Not a Reason the New

question 11

Multiple Choice

Which of the following is not a reason the New York Federal Reserve Bank president always gets to vote at the Federal Open Market Committee meetings?

• A)New York is the traditional financial center of the U.S.economy.
• B)All Fed purchases and sales of bonds go through the New York Fed's trading desk.
• C)New York has higher population than other cities in the U.S.
• D)All of the above are reasons.

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Definitions:

Production Function

An equation or graph that shows the maximum output that can be produced from a given set of inputs or resources, under certain conditions and technologies.

Returns To Scale

The rate at which production output increases as a result of proportional increases in all inputs.

Marginal Product

The additional output that results from using one more unit of a particular input, holding all other inputs constant.

Production Function

A mathematical equation that describes the maximum output that can be produced with a given set of inputs, such as labor and capital.