The Federal Reserve System is
A. controlled by the Department of the Treasury.
B. the central bank for the United States.
C. completely similar to the Bank of England.
D. All of the above are correct.
Answer: B
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A ________ is an extensive -form representation of a game
A) payoff matrix B) game tree C) Nash equilibrium D) pure strategy
Consider the following statement, "The Federal Reserve fights recessions by increasing the money supply so people will have more money to spend." What is wrong with the statement and how can it be corrected?
What will be an ideal response?
In the Malthusian model of economic growth, an increase in the quantity of land
A) increases steady state per capita consumption, and increases the steady state population. B) has no effect on steady state per capita consumption or on steady state population. C) has no effect on steady state per capita consumption, and increases the steady state population. D) increases per capita consumption, and reduces the steady state population.
One reason for international specialization in production is
a. differing national tastes b. diseconomies of scale in production c. a high world price for a good d. resources are plentiful in all nations e. people have limited wants for domestically produced goods and services