Which of the following is NOT a correct statement about the Federal Reserve banks?
A) They supervise member banks within the Federal Reserve System.
B) They provide a system of check collection and clearing.
C) They provide the economy with gold backed currency.
D) They act as banker and fiscal agent for the U.S. government.
Ans: C) They provide the economy with gold backed currency.
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For a renter, the income effect of an increase in apartment rents will
a. have a greater effect than the income effect of an increase in the price of chewing gum b. have no impact on the demand curve for apartments, because everything except price is assumed constant c. have less of an effect than the income effect of an increase in the price of chewing gum d. be almost negligible, because housing is a necessity e. occur only when income increases
If the absolute value of slope of the demand curve is 2.5, price is $6 per unit, and the quantity demanded is 8 units, then the price elasticity of demand is:
A. 1.875. B. 0.3. C. 0.533. D. 1.6.
The BLS has chosen 90 to represent the average 1982-1984 price level, and it now measures all other years relative to this base year.
Answer the following statement true (T) or false (F)
A five-cent deposit on soda bottles
A. provides a negative incentive because it punishes people who do not recycle. B. provides a positive incentive because it rewards people for recycling. C. is an irrational policy, because it adds to the prices of soda. D. is an irrational policy, because it fails to take into account self-interest.