Which of the following statements is correct?I.The Fed can periodically and without warning examine member commercial banks to ensure that they are conforming to current banking standards.II.The Fed helps the government collect certain tax revenues and aids in the purchase and sale of government securities.
A. I only
B. II only
C. Both I and II
D. Neither I nor II
Answer: C
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A price floor is the ________
A) maximum willingness to pay for a good B) minimum price that a seller accepts for a good C) lower limit on the price of a good D) upper limit on the price of a good
Situation 4-1 During the winter of 1973-74, a general system of wage and price controls (including a price ceiling on gasoline) was in force in the United States. At the beginning of 1974, some oil-producing countries imposed an oil embargo (a legal prohibition on commerce) on the West. In the spring of 1974, price controls were abolished. Refer to Situation 4-1. Because price controls were in
effect at the time the embargo occurred, an economist would have most likely predicted that A) the number of dollars one would need to pay at the pump (legally) for a full tank of gasoline would increase sharply. B) the number of dollars one would need to pay at the pump (legally) for a full tank of gasoline would decline sharply. C) long waiting lines and black markets would appear. D) a surplus of gasoline would result.
Blake decreases his consumption of grapes after his income goes up. For Blake
A. grapes and income are complementary goods. B. grapes are an inferior good. C. grapes and income are substitute goods. D. grapes are a superior good.
If demand is represented as Qd = 24 - P and supply is represented as Qs = 6 + 2P, the equilibrium quantity is
A. 3. B. 6. C. 10. D. 18.