Which of the following was an objective of the framers of the Federal Reserve System?
A) Decentralized power
B) Executive branch power
C) Elimination of private-sector influence
D) Consolidation of the banking industry
A
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Why do very small differences in annual growth rates amount to big differences in the degree of long-term economic growth?
A) because the slower-growing countries save too much B) because the annual growth rate is compounded over time C) because the faster-growing countries gain a political advantage over poorer countries, and use that advantage for their economic gain D) because the slower-growing countries don't export enough
When a good becomes more scarce, and the government prevents sellers from raising prices,
A) demanders are prevented from competing against one another to obtain the good. B) the opportunity cost to purchasers of obtaining the good will nonetheless rise as long as the quantity demanded is greater than the quantity supplied. C) the quantity purchased will be greater than the quantity supplied. D) there will be no rationing system to allocate the good among competing users.
If the government purchases multiplier equals 2, and real GDP is $14 trillion with potential real GDP $14.5 trillion, then government purchases would need to increase by ________ to restore the economy to potential real GDP
A) $7.25 trillion B) $1 trillion C) $500 billion D) $250 billion
Prior to the mid-1980s, almost all loans extended by the International Monetary Fund were repaid on time.
Answer the following statement true (T) or false (F)