Which one of the following statements concerning the Second Bank of the United States is not true?
a. It was created by Congress to stabilize the money supply.
b. Its constitutionality was a presidential election issue.
c. It lost its charter during Andrew Jackson's presidency.
d. Its power was undermined when Andrew Jackson shifted Treasury funds from it to state banks
e. It instructed northern banks not to accept bank notes from some southern and western banks.
C
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In a closed economy with fixed or autonomous (non-income dependent) taxes, the balanced budget government purchases multiplier is negative
Indicate whether the statement is true or false
The responsibility of paying for the Social Security benefits for currently retired individuals falls on
A) current and future workers. B) the retired people themselves. C) no one, since the government prints the money. D) only working people over 50 years of age.
The demand for a good is more price elastic
a. the shorter the time the consumer has to adjust to price changes b. the lower the price of the good c. the fewer the number of good substitutes d. the less essential the nature of the good e. if the supply is more price elastic
After eating six chocolate candy bars in ten minutes, Mia says, "You would have to pay me to eat another chocolate candy bar!" This statement best illustrates
a. the law of demand. b. the substitutability among goods. c. the law of diminishing marginal utility. d. that chocolate candy bars are an inferior good.