The Federal Reserve Act of 1913 required that
A) state banks be subject to the same regulations as national banks.
B) national banks establish branches in the cities containing Federal Reserve banks.
C) national banks join the Federal Reserve System.
D) state banks could not join the Federal Reserve System.
C
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Distinguish between invention and innovation
Assuming that bus travel is an inferior good, an increase in consumer income, other things being equal, will cause
a. an upward movement along the demand curve for bus travel. b. a downward movement along the demand curve for bus travel. c. a rightward shift in the demand curve for bus travel. d. a leftward shift in the demand curve for bus travel.
Which of the following examples, ceteris paribus, would most likely cause rightward movement of the short-run aggregate supply curve for that economy?
a. The price level in Norway increases over several years. b. Production costs increase in Mexico due to increased government regulation. c. Deflation in the United States pushes down the price level. d. Labor productivity declines in Canada after nominal wages also decline.
Direct controls work only if the legal system imposes substantial penalties on violators.
Answer the following statement true (T) or false (F)