The Federal Open Market Committee or FOMC sets the direction of ________
Fill in the blank(s) with correct word
Open market operations
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?Money that is acceptable because the government requires that it be accepted in payment of debt is _____
a. legal tender
b. commodity money
c. bad money
d. backed by government's wealth
e. hoarded by the people
Answer the following statement(s) true (T) or false (F)
1. Changes in the price of resources do not help determine supply because those resources can be replaced by substitute goods. 2. Population changes are a key determinant of demand for goods and services. 3. Mae's Restaurant is the only establishment in town that sells cinnamon rolls. Mae therefore has a monopoly on the cinnamon roll business in town. 4. Competition in an oligopoly is centered more on making one product stand out from another than it is on price. 5. Products manufactured in foreign countries by U.S. companies are included in the U.S.'s gross domestic product (GDP).
Which of the following is correct? When the Federal Reserve buys government securities from the public, the money supply:
A. contracts and commercial bank reserves increase. B. expands and commercial bank reserves decrease. C. contracts and commercial bank reserves decrease. D. expands and commercial bank reserves increase.
The result of the Microsoft case was that
A. Microsoft won the case in every court in which it was tried. B. Microsoft was broken up. C. the breakup remedy proposed by the trial judge was overturned on appeal. D. the case was dropped and Microsoft paid no damages to anyone.