The legal reserve requirement that banks must adhere to is set by
a. Congress
b. the FDIC
c. the Treasury Department
d. the banking system
e. the Federal Reserve
E
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Are the members of the Board of Governors of the Federal Reserve System elected officials?
What will be an ideal response?
Asymmetric information exists when one participant in a market transaction has more information than the other participant
a. True b. False
The role of an assumption in an economic theory is to:
A. increase the scope of application. B. simplify the theory. C. add realism. D. prove the theory.
A lump-sum tax causes the after-tax consumption schedule:
A. and the before-tax consumption schedule to coincide. B. to be steeper than the before-tax consumption schedule. C. to be flatter than the before-tax consumption schedule. D. to be parallel to the before-tax consumption schedule.