Which of the following are NOT liabilities on the Fed's balance sheet?
A) discount loans
B) bank deposits
C) deferred availability cash items
D) U.S. Treasury deposits
A
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The long-run supply curve of a perfectly competitive market is a:
a. an upward rising step function. b. a downward sloping step function. c. a vertical line at the market price. d. a horizontal line at the market price.
Market failure occurs when
a. an optimal allocation of society's resources is not achieved b. negative externalities are taken into consideration c. positive externalities are taken into consideration d. government failure is at its worst e. all social costs are included in the prices of goods and services
Social Security began as a "pay-as-you-go" system, meaning that payments to current retirees were paid
A) from taxes collected from current workers. B) from taxes collected from retired workers. C) as long as the government had funds available. D) as the government collected revenues from tariffs and excise taxes in the years Social Security payments were made.
The condition P = MC implies that
A. there is no consumer surplus for any consumer. B. the amount of consumer surplus is infinite. C. an individual who values the product at more than P will receive consumer surplus. D. an individual who values the product at less than P will receive consumer surplus.