In the United States, control of the quantity of money is given to the:
A. Federal Reserve System.
B. Department of the Treasury.
C. Bureau of Printing and Engraving.
D. President.
Answer: A
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Which of the following correctly describes the mechanics of the spending multiplier? a. An initial increase in aggregate expenditures, such as an increase in government spending, shifts the aggregate expenditures curve upward vertically. b. After the expenditures curve shifts upwards, the economy is not in equilibrium because aggregate expenditures now exceed aggregate output, leading to
inventory depletion. c. Real GDP increases in response to inventory depletion, eventually leading to a new higher level equilibrium real GDP. d. All of the above answers are correct.
Due to global warming, a country's climate has changed over the years. 30 years ago, it used to rain for almost three months. However, for the past two years, the rainy season has hardly lasted for two weeks. If this change in climate adversely affects agricultural productivity and crop yield, it will cause: a. the long-run aggregate supply curve to shift rightward
b. the long-run aggregate supply curve to shift leftward. c. an upward movement along the long-run aggregate supply curve. d. a downward movement along the long-run aggregate supply curve.
"Since the wind and the flowing rivers can take away industrial waste without charge, polluting is a profitable activity even when people are seriously harmed downwind or downstream, unless environmental regulators stop it." This statement is
a. false if the property rights of downwind or downstream individuals are protected. b. true if the property rights of industrialists are enforced. c. never true. d. always true.
Which of the following is not a question addressed by macroeconomists?
a. Why is average income high in some nations but low in others? b. What, if anything, can the government do to promote growth in incomes, low inflation, and stable employment? c. What is the impact of foreign competition on the U.S. auto industry? d. Why do production and employment expand in some years and contract in others?