With respect to controlling the money supply, the law requires the Fed to take orders from:
a. the President.
b. the Speaker of the House.
c. no one--the Fed is an independent agency.
d. the Secretary of the Treasury.
c
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Refer to Figure 18.1. After trade begins, ________ will specialize in the production of bicycles and ________ will specialize in the production of hang gliders
A) the United States; Canada B) the United States.; the United States C) Canada; Canada D) Canada; the United States
A price-discriminating firm charges the highest price to
A) the group with the least elastic demand. B) the group with demand that is unit elastic. C) the group with the largest demand. D) the group with the most elastic demand.
Which of the following is NOT an example of a supply shock?
A) a drought in the Midwest B) a decline in natural gas prices following discovery of new fields C) the introduction of a new line of computer-controlled machine tools in manufacturing D) a substantial increase in federal government spending on Medicare
A characteristic of the inflation rate is that ________
A) it typically goes down in a boom B) it typically goes up in a recession C) it is a lagging indicator D) all of the above E) none of the above