The amount of money in the United States is determined by
A. the combined behavior of commercial banks and the public, as well as actions of the Federal Reserve.
B. the Federal Reserve.
C. the public.
D. the combined behavior of commercial banks and the public.
Answer: A
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Which of the following statements is true?
A) If the opportunity cost of current consumption is high, people will save less. B) If the opportunity cost of current consumption is high, the inflation rate will increase. C) If the opportunity cost of current consumption is high, the unemployment rate will decrease. D) If the opportunity cost of current consumption is high, people will save more.
The difference between a country's Gross National Product (GNP) and its Gross Domestic product (GDP) is that
A) GNP refers to production within the nation while GDP refers to production by domestic factors no matter where they are located. B) GNP is always bigger than GDP. C) GDP refers to production within the nation while GNP refers to production by domestic factors no matter where they are located. D) Two of the above are true.
When long-run average total cost decreases as output increases, a firm experiences
a. increasing average fixed cost b. decreasing total cost c. economies of scale d. diseconomies of scale e. constant returns to scale
Nominal GDP includes the current value of services produced in the economy
a. True b. False Indicate whether the statement is true or false