The Federal Reserve (Fed) was created by the Congress as an independent agency
a. True
b. False
Indicate whether the statement is true or false
True
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Marginal benefit
A) increases as more of a good is consumed. B) decreases as more of a good is consumed. C) is the total benefit from all units consumed. D) is constant as more of a good is consumed. E) is the gain to the producer of producing and selling one more unit of a good.
In the above figure, the economy initially is at point C. Then the domestic price level rises by 10. A
A) substitution effect would help move the economy to point D. B) substitution effect would help move the economy to point B. C) substitution effect would keep the economy at point C. D) wealth effect would help move the economy to point B.
With a monopoly, the total surplus is lower than it would be with a perfectly competitive industry.
Answer the following statement true (T) or false (F)
An adverse supply shock causes output to
a. rise. To counter this a central bank would increase the money supply. b. rise. To counter this a central bank would decrease the money supply. c. fall. To counter this a central bank would increase the money supply. d. fall. To counter this a central bank would decrease the money supply.