Which of the following is (are) responsible for managing the money supply in the United States?
A) the Board of Governors B) the Federal Reserve Bank of New York
C) the Federal Open Market Committee D) the twelve Federal Reserve Banks
C
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There are two types of open market operations: ________ open market operations are intended to change the level of reserves and the monetary base, and ________ open market operations are intended to offset movements in other factors that affect the
monetary base. A) defensive; dynamic B) defensive; static C) dynamic; defensive D) dynamic; static
The "rational expectations revolution" refers to a substantial change in the thinking of ________
A) households and businesses B) policy makers C) macroeconomists D) elected officials
A tax that is imposed on an imported good is called a
A) tariff. B) quota. C) government license. D) patent.
When the government imposes a tax on labor income, __________ the production function occurs and potential GDP _________.
Fill in the blank(s) with the appropriate word(s).