1 The PPF between goods X and Y will be a downward-sloping     straight line if constant opportunity costs exist

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1 The PPF between goods X and Y will be a downward-sloping

		straight line if constant opportunity costs exist.
		straight line if decreasing opportunity costs exist.
		curve that is bowed outward if decreasing opportunity costs exist.
		curve that is bowed outward if constant opportunity costs exist.

2.

Suppose that the Federal Reserve lowers the required reserve ratio. This is an example of

		expansionary fiscal policy.
		expansionary monetary policy.
		contractionary fiscal policy.
		contractionary monetary policy

3.

There are __________________ members of the Board of Governors of the Federal Reserve. They are appointed by the President to serve a _________________ year term.

		7; 14
		7; 12
		12; 14
		14; 1