The Federal Reserve Act of 1913 was passed to
a. convert all banks to national banks
b. check the overreach of powerful financial trusts
c. allow banks to hold excess reserves
d. allow banks to accept collateral as guarantees against outstanding loans
e. prevent banks from accepting collateral as guarantees against outstanding loans
B
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When the government uses a cap-and-trade approach in dealing with pollution, it
A) uses taxes in order to internalize the externalities caused by the pollution. B) imposes quantitative limits on the amount of pollution firms are allowed to generate. C) uses subsidies to encourage firms to use new technology that reduces pollution. D) distributes information to consumers and producers on how to reduce pollution.
Which of the following is the best example of a monopoly in the United States?
a. the U.S. Postal Service. b. the aluminum industry. c. a government-regulated public utility. d. the automobile industry.
A tax rate system characterized by higher marginal tax rates as income increases is known as
A) a progressive tax system. B) a regressive tax system. C) a proportional tax system. D) a flat-rate tax system.
Columbia produces coffee with less labor and land than any other country; it therefore necessarily has a. an absolute advantage in coffee production
b. a comparative advantage in coffee production. c. both a comparative and absolute advantage in coffee production. d. an absolute advantage and comparative disadvantage in coffee production.