What is not true of The Federal Reserve Act (1913)?
a. Membership in the system was made compulsory for national banks.
b. State banks were not permitted to join the system.
c. The member banks nominally owned the Federal Reserve Banks.
d. Member banks had to deposit cash, previously held as reserves, with the district Federal Reserve Bank.
b. State banks were not permitted to join the system.
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f the long-term supply curve for rental units becomes more elastic, what will be one of the results of rent controls over the long run?
a. The availability of rentals will remain unchanged. b. Efficiency in the rental property market will increase. c. The number or rentals available will increase. d. Deadweight loss will increase significantly.
Welfare programs are designed to address the:
A.) "HOW" question. B.) "FOR WHOM" question. C.) Issue of scarce resources. D.) "WHAT" question.
Under the floating exchange-rate system, a fall in the market price of a currency is called
A. revaluation. B. devaluation. C. appreciation. D. depreciation.
In the extended aggregate demand-aggregate supply model:
A. long-run equilibrium occurs wherever the aggregate demand curve intersects the short-run aggregate supply curve. B. the long-run aggregate supply curve is horizontal. C. the price level is the same regardless of the location of the aggregate demand curve. D. long-run equilibrium occurs at the intersection of the aggregate demand curve, the short- run aggregate supply curve, and the long-run aggregate supply curve.