The Federal Reserve System was created in
a. 1776
b. 1894
c. 1913
d. 1930
e. 1936
C
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The cyclical deficit is that portion of the deficit
a. that results from the economy being below the natural rate of output. b. that would exist even if the economy were at its natural rate of output. c. is a function of the level of automatic stabilizers. d. both a and c. d. None of the above
Experience with the Phillips curve since the 1970s has shown that the:
a. curve can be used as a reliable model to guide public policy. b. relationship between the inflation rate and the unemployment rate moves in a clockwise direction. c. curve is not stable. d. inflation rate and the unemployment rate are equal.
A monopolist faces the least price-elastic demand curve because:
a. the consumers have only one place to buy the good. b. the monopolist produces a standardized product. c. the monopolist undertakes a huge expenditure to produce the product. d. the monopolist supplies to an insignificant portion of the market. e. the monopolist produces an absolutely necessary good having close substitutes.
Net capital outflow is defined as the purchase of
a. foreign assets by domestic residents minus the purchase of domestic assets by foreign residents. b. foreign assets by domestic residents minus the purchase of foreign goods and services by domestic residents. c. domestic assets by foreign residents minus the purchase of domestic goods and services by foreign residents. d. domestic assets by foreign residents minus the purchase of foreign assets by domestic residents.