The Humphrey-Hawkins Act
a. disallowed wage and price controls
b. instructed the Federal Reserve to target inflation at zero percent
c. mandated a balanced federal budget
d. identified a 4 percent unemployment rate and 3 percent inflation as both doable and acceptable targets
e. created the Council of Economic Advisers
D
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Which of the following is a tool the Federal Reserve System can use to regulate the quantity of money? i. changing the discount rate ii. conducting open market operations iii. changing the required reserve ratio
A) i only B) ii only C) ii and iii D) i and ii E) i, ii, and iii
Wayne Brown is a Canadian citizen studying on our campus. When he came to school last fall, he had 400 Canadian dollars (C$), which at that time were worth $300 U.S. dollars (US$). When he went back to Canada in June, US$300 could purchase C$450 . In June, the U.S. dollar purchased
a. 12.5 percent more Canadian dollars than it did last fall b. 12.5 percent fewer Canadian dollars than it did last fall c. 11.11 percent more Canadian dollars than it did last fall d. 11.11 percent fewer Canadian dollars than it did last fall e. the same amount of Canadian dollars, in percentage terms, as it did last fall
Cookies would be considered:
A. a common resource. B. a private good. C. a public good. D. an artificially scarce good.
Which of the following would lead to an upward shift of the consumption-income line?
a. A decrease in income b. A decrease in population c. An increase in income d. An increase in wealth e. An increase in the interest rate