All of the following are objectives of the Federal Reserve system, except
A. to provide a constant level of currency, resisting pressure for currency growth.
B. to supervise and regulate our financial institutions.
C. to provide banking services for the U.S. government.
D. to serve as a lender of last resort to commercial banks and thrift institutions.
A. to provide a constant level of currency, resisting pressure for currency growth.
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The price-output combination that maximizes profits for a monopolist occurs at the point where
A) total revenues and total costs are equal. B) the difference between total revenues and total costs is the greatest. C) total revenues are the greatest. D) the elasticity of demand equals one.
If a bank keeps some of its excess reserves, the money multiplier:
a. increases. b. stays the same. c. goes to zero. d. decreases. e. increases, then decreases.
Which of the following would prevent "free entry" into a market?
A. Externalities B. Open trade C. Patents D. Opportunity costs
Total fixed cost is also known as ______
Fill in the blank(s) with the appropriate word(s).