The Federal Reserve
a. was created in 1913.
b. is the U.S.'s central bank.
c. has other duties in addition to controlling the money supply.
d. All of the above are correct.
d
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A form of implicit collusion in which one firm consistently follows the actions of another firm is:
A) predatory pricing. B) a Webb-Pomerene association. C) parallel conduct. D) only illegal in Europe.
In the expanded circular flow diagram, the government supplies:
A. goods and services to the product market. B. factors of production to the factor market. C. goods and services to households. D. factors of production to firms.
When Bo increases the consumption of Good X and decrease the consumption of Good Y, her marginal utility of
A) X falls and the marginal utility of Y will increase. B) both X and Y will decrease. C) X increases and the marginal utility of Y will fall. D) both X and Y will increase.
The difference between an orthodox stabilization plan and a heterodox stabilization plan is that the orthodox plan
A) targets the problem of inflation, while the heterodox plan targets unemployment. B) reduces trade flows less than the heterodox plan. C) does not include higher taxes and the heterodox plan does. D) does not include wage and price controls and the heterodox plan does. E) eliminates budget deficits, while the heterodox plan only reduces them.