The most important responsibility of the Fed is to
A) clear checks.
B) supervise member banks.
C) serve as fiscal agent for the U.S. Treasury.
D) control the money supply.
D
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For most of World War II, the United States economy temporarily operated ____________ the production possibilities frontier.
Fill in the blank(s) with the appropriate word(s).
The total of all planned real expenditures in the economy is called
A) aggregate consumption. B) aggregate demand. C) aggregate spending. D) aggregate GDP.
Economists understand that using statistical discrimination
A. is never rational. B. means some individuals are discouraged from acquiring skills. C. is always illegal. D. All of the above
Suppose the typical household spends $3,500 on goods and services during the month of January, and $4,300 on the same goods and services in February. Using January as the base period, what is the consumer price index for February?
a. 151.4 b. 81.4 c. 55.1 d. 122.9