One reason the Federal Reserve Board in Washington did not act as a lender of last resort during the early years of the Great Depression, was its power struggle with ____
a. U.S. Treasury
b. foreign central banks
c. Federal Reserve Bank of New York
d. President Roosevelt
c. Federal Reserve Bank of New York
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Perfectly competitive firms and monopolist firms both maximize profit where
a. price equals marginal cost b. total revenue is maximized c. average total cost is minimized d. marginal cost equals marginal revenue e. price is as high as possible
Which pair of groups benefits from an import quota when quota rights are given away without charge?
a. domestic and foreign producers b. domestic producers and foreign consumers c. domestic government and foreign consumers d. domestic government and producers e. foreign consumers and producers
What do we call financial institutions through which savers can indirectly provide funds to borrowers?
a. stock markets b. financial institutions c. financial markets d. financial intermediaries
In 2011, which category represented the largest source of receipts for the U.S. federal government?
a. Medicare b. Social Security c. corporate income taxes d. individual income taxes