Only Federal Reserve banks can issue paper currency in the United States, and their power to do so is virtually unlimited
a. True
b. False
Indicate whether the statement is true or false
True
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The ________ effect of a price change refers to the impact of a change in the price of a good on a consumer's purchasing power
A) income B) substitution C) ceteris paribus D) demographics
As the U.S. became increasingly industrialized in the 19th century,
a. the poor got poorer. b. the rich got poorer. c. the income of the poor grew more slowly than the income of the rich. d. the income of the poor grew more rapidly than the income of the rich.
Rational ignorance occurs when
a. voters find the cost of understanding a specific issue is greater than the expected benefit b. legislation generates large benefits for a few people but imposes costs on many people c. the preferences of the median voter dominates public choices d. individuals or firms attempt to obtain favorable treatment from government officials e. people make public decisions based on emotion rather than a rational analysis
Refer to the table shown. If the market price is $4, a perfectly competitive profit-maximizing firm will produce:QuantityMarginal Cost1$3253749
A. 1 unit of output. B. 2 units of output. C. 3 units of output. D. 4 units of output.