The Federal Reserve System
A. oversees the Congress and Senate.
B. is a branch of the Commerce Department.
C. is the central bank of the United States.
D. controls the Treasury Department.
Answer: C
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The opportunity cost of a firm using its own capital is
A) economic depreciation. B) self-ownership depreciation. C) economic loss. D) normal loss. E) capital loss.
In an open economy with global capital markets and mobile capital:
A) a country has control over both its domestic money supply and exchange rate. B) a country has control of either its domestic money supply or exchange, but not both. C) a country only has control over its domestic money supply. D) a country only has control over its exchange rate.
If the maturity of a debt instrument is less than one year, the debt is called
A) short-term. B) intermediate-term. C) long-term. D) prima-term.
In a store that sells souvenirs, suppose an agent receives a $1 commission for each unit sold, and the principal receives the residual profit. As a result,
A) joint profit is maximized. B) the agent will sell until the principal's marginal cost equals $1. C) no agent would enter into such a contract. D) the agent wishes to sell as many units as he can.