The Federal Reserve System:
a. was created by and is owned by the government.
b. pursues independent fiscal policy at the behest of Congress.
c. never acts to control inflation.
d. pursues an independent monetary policy which can conflict with the government's economic policy.
e. only acts to lower taxes and increase spending when there are recessionary tendencies in the economy.
d
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Belgium's real GDP per person is $33,000 and Austria's is $34,700. The population growth rate in Belgium is 0.13 percent and the growth rate of real GDP is 3.0 percent
The population growth rate in Austria is 0.08 percent and the growth rate of real GDP is 3.3 percent. If these growth rates continue, how many years will it take for Belgium's real GDP per person to equal Austria's real GDP per person? A) Belgium's standard of living will never equal Austria's. B) just over 23 years C) just over 24 years D) just over 21 years E) over 230 years
If real GDP in the United States is growing at an annual rate of 3.2% per capita and Bolivia's real GDP per capita
is growing at a rate of 1.3%, which of the following would we expect in the long run? Assume real GDP per capita in the United States begins at a level above that of real GDP per capita in Bolivia. A) Real GDP per capita in the United States will always be 1.9% higher than real GDP per capita in Bolivia. B) The difference between the level of real GDP per capita in the United States and real GDP per capita in Bolivia will increase over time. C) The difference between the level of real GDP per capita in the United States and real GDP per capita in Bolivia will always be $1.9 trillion. D) The difference between the level of real GDP per capita in the United States and real GDP per capita in Bolivia will shrink over time.
An efficient allocation of resources is demonstrated by a point
A. above the production possibilities frontier. B. below the production possibilities frontier. C. on the production possibilities frontier. D. near the middle of the production possibilities frontier.
The factor accounting for most of the earnings difference between equally educated and experienced men and women is that women
A. receive less pay for equal work. B. are segregated into low-paying occupations. C. receive comparable pay only when they do work of comparable value to the employer. D. are prohibited by law from doing certain kinds of work.