One uniquely American aspect of central banking is that:
a. the United States has 12 central banks rather than one
b. the Federal Reserve is a private institution with no governmental supervision.
c. the dual banking system created two parallel central banks.
d. the U.S. Treasury runs the Federal Reserve as an extension of the Executive Branch.
a
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What can the Fed do to decrease the supply of money?
a. open market purchases of government bonds b. increase reserve requirements c. decrease the discount rate d. any of the above
A firm is currently operating where the MC of the last unit produced = $64, and the MR of this unit = $70. What would you advise this firm to do?
A. Shut down. B. Increase output. C. Stay at current output. D. Decrease output.
An individual who is employed part time, but is looking for a full-time job, is classified as:
A. frictionally unemployed. B. cyclically unemployed. C. structurally unemployed. D. employed.
The difference between the total amount that people would have been willing to pay for the total quantity produced and consumed in a market and what they actually pay at the market clearing price is called
A. consumer surplus. B. production excess. C. excess demand. D. market surplus.