The Federal Reserve System is divided into:
A. 5 districts.
B. 12 districts.
C. 15 districts.
D. 7 districts.
Answer: B
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If total production (TP) is less than total expenditures (TE), it follows that
A) optimum inventory levels fall. B) firms have underproduced. C) firms increase the quantity of goods they produce. D) b and c E) a, b, and c
When the government imposes a payroll tax on employers (and not on workers), which of the following effects will not come about?
A. Firms and workers typically both bear a portion of the tax. B. Employment falls. C. The costs of hiring increase. D. Real wages will remain fixed if the labor market is competitive. E. The labor demand curve shifts down.
If there are no unintended changes in inventories, the economy is at its equilibrium level of real gross domestic product (GDP) demanded.
a. true b. false
(Consider This) During and immediately following the severe recession of 2007-2009, on the consolidated balance sheet of the 12 Federal Reserve Banks:
A. commercial bank reserves grew significantly because the Fed increased the required reserve ratio. B. liabilities fell significantly as commercial banks drained reserve accounts to meet their own deposit liabilities. C. assets fell significantly as a result of heavy withdrawals from commercial banks. D. assets grew significantly from Fed purchases of securities from financial institutions.