The U.S. Treasury used the First Bank of the United States for all of the following purposes except _____.
(A) To issue representative money.
(B) To set interest rates.
(C) To hold money generated by taxes.
(D) To help the government carry out its powers to tax.
Ans: (B) To set interest rates.
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Two goods are complements if a decrease in the price of one causes an increase in the demand for the other good
a. True b. False Indicate whether the statement is true or false
A market failure is defined as
A.) Optimal outcomes B.) Suboptimal outcomes C.) Ample quantities of goods and services D.) All of the above
When two countries trade with one another, it is most likely because...
a. the wealthy people in each of the two countries are able to benefit, through trade, by taking When two countries trade with one another, it is most likely because advantage of other people who are poor. b. some people involved in the trade do not understand that one of the two countries will become worse-off because of the trade. c. the opportunity costs of producing various goods are identical for the two countries. d. the two countries wish to take advantage of the principle of comparative advantage.
Which of the following is not a precondition for price discrimination?
A. The commodity involved must be a durable good. B. The good or service cannot be profitably resold by original buyers. C. The seller must be able to segment the market, that is, to distinguish buyers with different elasticities of demand. D. The seller must possess some degree of monopoly power.