The McFadden Act was passed to prevent
A) banks from competing on the basis of deposit rates.
B) foreign banks from operating in the United States.
C) large nationwide banks from forming.
D) banks from holding corporate stock as an asset.
C
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All of the following arguments are presented in favor of inflation targeting EXCEPT
A) it would draw attention to what the central bank can achieve in practice. B) it would provide an anchor for inflationary expectations. C) it would promote accountability by providing a yardstick by which policy can be measured. D) it would reduce the lags inherent in monetary policy.
The Great Depression is thought to have been prolonged and made deeper by
A) contraction of the money supply. B) the stock market crash. C) speculative behavior of investors. D) rapid inflation.
In a one-period economy, all of the following are equivalent expressions of the budget constraint except
A) C = w(NS + l) + ? - T. B) C = wNS + ? - T. C) C = w(h - l) + ? - T. D) C = wl = wh + ? - T.
The government raises gasoline taxes as part of the price of gasoline and receives more tax revenues. However, after five years, the government discovers that revenues from the gasoline tax have declined
This situation would be most likely to occur if A) the long-run elasticity of supply was much greater than the long-run elasticity of demand. B) the demand for gasoline was inelastic in the short run, but elastic in the long run. C) the long-run elasticity of demand was greater than the long-run elasticity of supply. D) the demand for gasoline was perfectly inelastic in both the short run and the long run.