Which of the following was NOT used to finance the Civil War (1861–1865)?
(a) Taxation
(b) Borrowing
(c) Printing money
(d) Large voluntary contributions from individuals opposed to slavery
(d)
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Of the three players in the money supply process, most observers agree that the most important player is
A) the United States Treasury. B) the Federal Reserve System. C) the FDIC. D) the Office of Thrift Supervision.
Alan Greenspan, who preceded Janet Yellen and Ben Bernanke as Fed chairperson, was a proponent of
A. discretionary intervention. B. inflation targeting. C. fiscal policy. D. a rules-based approach to monetary policy.
Suppose seller X is willing to sell one good X for $5, a second good X for $10, a third for $16, a fourth for $25, and the market price is $20. What is seller X's producer surplus?
A. $15 B. $20 C. $22 D. $29
In a perfectly competitive market, if P > ATC in the short run, there is apt to be
A) entry of new firms into the market. B) an accounting loss for existing firms. C) an inward shift in the industry supply curve. D) an upward pressure on price.