Which of the following groups oversees and administers the Federal Reserve System?
a. The House of Representatives.
b. The President's Council of Economic Advisors.
c. The U.S. Treasury Department.
d. None of these, the Fed is an independent agency.
d
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The total of all economic transactions between a nation and the rest of the world is referred to as the
A) balance of payments. B) balance of trade. C) balance of power. D) exchange rate.
In the Yap civilization of the South Pacific prior to 1920, large, heavy stones in the shape of a wheel were used as money. Which function of money was probably least served by this form of money?
A) medium of exchange B) store of value C) unit of account D) store of wealth
When promoting average cost pricing, regulators
A. encourage firms to produce at the output level where price equals marginal cost. B. include what they consider to be a normal rate of return on investment. C. fail to consider a return to investors, so regulated firms often have a hard time raising investment funds. D. inflate costs so much that price ends up as large as would prevail under unregulated monopoly.
If a product is a normal good, an increase in your income will
A) increase demand for the product. B) decrease demand for the product. C) increase supply of the product. D) decrease supply of the product.