Which of the following is a provision of the Federal Reserve Act or subsequent legislation that weakens the independence of the Federal Reserve?
a) The Federal Reserve's actions are subject to executive branch control.
b) Members of the Federal Reserve Board serve 14-year terms.
c) Members of the Federal Reserve Board cannot be reappointed.
d) The Federal Reserve System is subject to Congressional oversight.
Ans: d) The Federal Reserve System is subject to Congressional oversight.
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With a tax of $2,000 on $30,000 of income, and $2,000 on $70,000 of income, we can describe the structure of this tax as
A. progressive. B. marginal. C. regressive. D. proportional.
Answer the following statement(s) true (T) or false (F)
1. The technology-based effluent limitations are actually performance-based standards. 2. All point sources are subject to effluent limitations, which are imposed uniformly within each designated group. 3. The National Pollutant Discharge Elimination System (NPDES) is a permitting system solely for publicly owned treatment works (POTWs). 4. An advantage of the effluent limitations is that they are aligned with the national water quality objectives. 5. If the effluent limitations are insufficient for a water body, that water body is considered to be “water quality limited,” requiring more stringent controls called total maximum daily loads (TMDLs).
According to monetarists, which of the following would be most important for the control of inflation?
a. a steady increase in federal expenditures b. the imposition of price controls c. keeping the growth rate of the money supply low and steady d. a steady increase in the size of the budget deficit
The rational expectations theory indicates that expansionary policy will
a. stimulate real output in the long run but not in the short run. b. expand real output and employment if the public quickly anticipates the effects of the expansionary policy. c. equalize real and nominal interest rates during lengthy periods of inflation. d. fail to increase employment because individuals will anticipate it and take actions that will offset its impact.