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 costsexist.
		curve that is bowed outward if constant opportunity costsexist.

2.

Suppose that the Federal Reserve lowers the required reserveratio. 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 Governorsof the Federal Reserve. They are appointed by the Presidentto serve a _________________ year term.

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