The part of the Federal Reserve System (the Fed) that sets reserve requirements is
A. the Federal Open Market Committee.
B. the Federal Advisory Committee.
C. the Federal Reserve district banks.
D. the Board of Governors.
Answer: D
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The amount by which actual output falls short of potential output is called: a. a deadweight loss
b. real GDP. c. a recessionary gap. d. the full-employment output. e. an expansionary gap.
An economic expansion reflects
a. any movement from disequilibrium to a new equilibrium b. the increase in output and decrease in employment level following a recession c. the increase in output and employment levels following a recession d. the rising wage rates that follow economic instability e. instability in government tax revenues.
If the price of a candy bar increases from $1 to $1.50, the ____ will increase
a. producer surplus b. consumer surplus c. opportunity cost of producing a candy bar d. social marginal cost of producing a candy bar
Medicaid and SNAP (food stamps) are:
A. available only to families, not to individuals. B. counterproductive. C. forms of in-kind assistance. D. forms of cash assistance.