The U.S. Treasury used the First Bank of the United States for all of the following purposes except _____.
(A) To issue representative money.
(B) To set interest rates.
(C) To hold money generated by taxes.
(D) To help the government carry out its powers to tax.
Ans: (B) To set interest rates.
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Harvey, a U.S. taxpayer, purchased 10 shares of MVC stock for $100 per share; one year later he sold the 10 shares for $130 a share. Over the year, the price level increased from 140.0 to 147.0 . What is Harvey's before-tax real capital gain?
a. $1,300 - $1,000(1.05) and this is the gain he is to report on his income tax b. $1,300 - $1,000(1.05) but he is to report a $300 gain on his income tax c. $1,300 - $1,000(1.07) and this is the gain he is to report on his income tax d. $1,300 - $1,000(1.07) but he is to report a $300 gain on his income tax
An example of a public good that is difficult to make excludable is:
A. fire protection. B. sewer systems. C. national defense. D. All of these are nonexcludable public goods.
When the Fed buys federal government securities on the open market from commercial banks, over time, the:
A. assets of these banks fall. B. liabilities of the bank fall. C. assets of the banks rise. D. liabilities of the bank rise.
Coordination problems in large firms might lead to:
A. horizontal marginal cost curves. B. downward-sloping marginal cost curves. C. upward-sloping short-run average cost curves. D. upward-sloping long-run average cost curves.