The Federal Reserve System was established by Congress in 1914
a. as a result of a breakthrough in economic theory.
b. against significant opposition from the banking sector.
c. because of the need for a central bank.
d. as the world's first central bank.
c
You might also like to view...
Suppose that the unemployment rate equals 4.5 percent and that the natural unemployment rate is 5.5 percent. We can conclude that
A) the output gap is negative. B) the output gap equals zero. C) the output gap is positive. D) we have mismeasured the natural unemployment rate.
If a firm is a price taker in both the labor market and the output market, it will
A) earn zero economic profit in the short run. B) hire labor until the marginal product of labor equals zero. C) hire labor until the marginal revenue product equals the output price. D) hire labor until the marginal revenue product equals the wage rate.
________ can force a competitor to stop false advertising.
A) The Federal Trade Commission's (FTC), but not the Lanham Act B) The Lanham Act, but not the Federal Trade Commission's (FTC) C) Neither the Federal Trade Commission's (FTC) nor the Lanham Act D) Both the Federal Trade Commission's (FTC) and the Lanham Act
A monopolist has four distinct groups of customers. Group A has an elasticity of demand of 0.2, B has an elasticity of demand of 0.8, C has an elasticity of demand of 1.0, and D has an elasticity of demand of 2.0
The group paying the highest price for the product will be A) A. B) B. C) C. D) D.