The Federal Reserve:
A. sets the budget for the U.S. government.
B. is appointed by the president of the United States.
C. is the central bank of the United States.
D. is responsible for funding federal spending.
Answer: C
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According to the criteria of cost-effectiveness, an abatement standard is set optimally if
a. that standard is benefit-based b. it is set where the MSB of abatement is equal to ?(MACmkt + MCE). c. the standard is reached at minimum cost d. it is set at the point where MSB of abatement equals zero e. it is set at the point where MSC of abatement equals zero
Which of the following goods is rival and excludable?
a. an uncongested toll road b. an uncongested nontoll road c. a congested nontoll road d. a congested toll road
Suppose real GDP exceeds potential GDP. If the government decreases its expenditures on goods and services, then real GDP __________ and the price level __________.
a) decreases; rises b) increases; falls c) decreases; falls d) increases; rises
For a firm in a perfectly competitive industry
A. the demand curve is unitary elastic throughout. B. the price elasticity of demand is zero. C. marginal revenue and product price are equal at every level of output. D. more output can be sold only if the firm unilaterally lowers its product price.