Congress created the Federal Reserve System
A) to serve as a lender of last resort.
B) to process the receipt of taxes received by the Internal Revenue Service.
C) to regulate the value of the U.S. dollar against foreign currencies.
D) to provide a source of mortgage loans to the residential housing market.
A
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a. 0.45 b. 0.90 c. 1.11 d. 2.20
Entry of new firms in monopolistically competitive industries can convey a positive externality on consumers because new products result in more consumer surplus. This externality is called the
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A. Increase price by 12.5% B. Reduce price by 12.5% C. Increase price by 8% D. Reduce price by 8%
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