Purchases and sales of government securities by the Federal Reserve are called
A) discount loans.
B) federal fund transfers.
C) open market operations.
D) swap transactions.
C
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A sometimes short, sometimes extended period of declining output and living standards is referred to as a recession.
The formula for finding the present value of an amount M that will be received one year from now, when the interest rate is R, is
A) M × (1 + R/100). B) M × (1 + R). C) M / (1 + R). D) M / R. E) M / (100R).
United States coins and currency are backed by
A) silver. B) gold. C) reserves of foreign currencies. D) confidence that they will retain their value.
Failure to coordinate monetary policies with ________ exchange rates can lead to ________ that might be offset by coordination
A) floating; negative externalities B) floating; sterilization C) fixed; negative externalities D) fixed; sterilization