The series of bank failures in 1907 occurred despite the creation of the Federal Reserve many years earlier
a. True
b. False
Indicate whether the statement is true or false
False
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The supply curve of a perfectly competitive firm in the short run is
A) the portion of the firm's marginal cost curve above the minimum point of the average total cost curve. B) the firm's average variable cost curve. C) the portion of the firm's marginal cost curve above the minimum point of the average variable cost curve. D) the portion of the firm's marginal cost curve below the minimum point of the average variable cost curve.
Wage differences among workers of different races and gender could be due to all of the following except
A) differences in preferences for jobs. B) labor unions. C) differences in work experience. D) differences in education.
Some college students think that because a college degree greatly increases their earning potential there is no opportunity cost of attending college. How would an economist look at the matter?
a. There is no opportunity cost, assuming that future earnings actually increase as expected. b. The opportunity cost is much less than it would appear, assuming that earnings increase. c. Opportunity cost is a meaningless concept in this situation. d. The college students are completely correct in all respects. e. There is still an opportunity cost, even if it is justified by higher future earnings.
The rapid growth in stock prices during the 1920s was due in large part to
a. the expansionary monetary policy of the Federal Reserve. b. the wartime demand for military equipment and supplies. c. the artificially high value of the dollar, which eventually led to the stock market crash of 1929. d. the technological innovations of the decade, which spurred economic growth.