What did Adam Smith identify as the source of the invisible hand in 1776?
A) a benevolent central government that decided was best for everyone
B) an individual's concern for fellow humans
C) an individual's own self-interest
D) the stock market
E) buyers' and suppliers' concerns to obtain and retain good reputations
C
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The Fed can increase the federal funds rate by
A) buying Treasury bills, which increases bank reserves. B) selling Treasury bills, which decreases bank reserves. C) buying Treasury bills, which decreases bank reserves. D) selling Treasury bills, which increases bank reserves.
When voluntary exchange takes place, neither party gains from the exchange
Indicate whether the statement is true or false
Of all commercial banks, about ________ belong to the Federal Reserve System
A) 10% B) one half C) one third D) 90%
Which of the following is the least accurate?
a. European nations purchased large quantities of munitions and food at ever-rising prices form the U.S. b. The financial center of the world shifted from New York before the war to London and Paris after the war. c. The gap between Europe's imports from the U.S. and exports to the US rose dramatically. d. The war was immensely profitable for many U.S. corporations.