In making policies about the nation's money supply, the Federal Reserve Board
a. operates as an independent entity.
b. must consult each member bank.
c. must consult with Congress.
d. must coordinate all activity with the White House.
a
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The largest portion of discretionary spending is devoted to
A) foreign aid. B) national defense. C) paying federal employees. D) the space program.
A system of accounts that measures the transactions of goods, services, income, and financial assets between domestic households, businesses, and governments and residents of the rest of the world during a specific time period is the
A) capital account. B) current account. C) balance of payments. D) balance of trade.
Suppose the market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2, both measured in millions of gallons of ice cream per year. Suppose the government imposes a $0.50 tax on each gallon of ice cream. The consumer surplus with the tax is:
A. $166,667. B. $3.56 million. C. $7.11 million. D. $9 million.
Which of the following does NOT provide a positive externality?
A. Getting a flu vaccine B. The proliferation of email accounts C. Airport and aircraft noise D. Actions that benefit others