List and describe five of the eight major functions or responsibilities of the Fed
The eight major functions or responsibilities of the Fed are: controlling the money supply, supplying the economy with paper money, providing check-clearing services, holding depository institutions' reserves, supervising member banks, serving as the government's banker, and serving as the lender of last resort, and handling the sale of U.S. Treasury securities.
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Wealth differs from income in that
A) income measures value at a point in time and wealth measures value over a period of time. B) income measures value over a period of time and wealth measures value at a point in time. C) income is what you own and wealth is what you earn. D) wealth can be measured in dollars and income cannot.
In the decade immediately following emancipation, former slaves
a. were willing to work under the gang system in return for wages and benefits. b. decreased their labor supply. c. obtained ownership of roughly 40 percent of southern farms. d. moved to northern states in large numbers.
Which of the following observations concerning phases of a business cycle is incorrect? a. The maximum amount of unemployment occurs exactly at the trough. b. The expansion phase is measured from the trough to the peak
c. The trough is the point in time when output stops declining. d. The contraction phase is also called recession.
Which of the following is a form of statistical discrimination?
a. Young people are charged higher automobile insurance rates due to the higher probability of an accident. b. Restaurants prefer to hire women than men as servers. c. Women prefer to see a female doctor than a male doctor. d. Women are more likely than men to pay too much money for a new automobile because salespeople bargain more with men than with women. e. Female physicians earn 20 percent less than male physicians, on average.