Comparing the European and the U.S. central bank systems, the National Central Banks that make up part of the European System of Central Banks resembles:
A. the U.S. Treasury.
B. the regional Federal Reserve Banks.
C. the FOMC.
D. the Board of Governors.
Answer: B
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Which of the following are implicit costs for a typical firm?
A) the cost of labor B) the cost of energy used in production C) the opportunity cost of capital owned and used by the firm D) a business licensing fee
Job openings are plentiful when the
A) actual real GDP is above the natural real GDP. B) natural real GDP is above the actual real GDP. C) natural real GDP is increasing rapidly. D) None of the above.
In the long-run, all costs are
a. Fixed costs b. Variable costs c. Sunk Costs d. Marginal Costs
As the number of firms in an oligopoly increases, the
a. price approaches marginal cost, and the quantity approaches the socially efficient level. b. price and quantity approach the monopoly levels. c. price effect exceeds the output effect. d. individual firms' profits increase.