The central bank in the United States is known as the Federal Reserve System.
Answer the following statement true (T) or false (F)
True
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What do you mean by the term 'equilibrium wage'? a. It is the wage that is determined when potential employers and potential employees are free to transact as they wish. b. It is a wage determined by the government with an intention to narrow the gap between the higher and the lower income groups. c. It is a wage at which the workers refuse to offer labor
d. It is a minimum possible rate that an employer must pay in order to hire a labor. e. It is a wage at which there is an excess supply of workers.
According to the Coase theorem, under which conditions can private parties solve the problem of externalities?
a) if the cost of bargaining is small b) if the initial distribution of rights favours the person being adversely affected by the externality c) if the number of parties involved is sufficiently large d) if the number of parties involved is sufficiently small
The government would want the economy to contract when real GDP is
A. Above potential GDP and the price level is falling B. Below potential GDP in the price level is falling C. Above potential GDP and the price level is rising
A large increase in oil prices is an example of:
A. excessive aggregate spending. B. inflation inertia. C. a favorable inflation shock. D. an adverse inflation shock.