The money supply is controlled by the
A) New York Stock Exchange.
B) Federal Reserve System.
C) stock of gold in the economy.
D) President of the United States.
B
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Resource use is efficient when
A) marginal social benefit exceeds marginal social cost. B) marginal social cost is decreasing. C) marginal social benefit equals marginal social cost. D) marginal social benefit is increasing.
Firms pay famous individuals to endorse their products because
A) famous people only consume high-quality products. B) apparently demand is affected not just by the number of people who use a product but also by the type of person that uses the product. C) famous people obviously know what are the best goods and services. D) the firms are irrational and are wasting advertising expenditures.
We know that industrial countries tend to trade with other industrial countries. This pattern counters the:
a. preference theory of comparative advantage. b. factor abundance theory of comparative advantage. c. concept of intraindustry trade. d. product life cycle theory of comparative advantage. e. human skills theory of comparative advantage.
For the purposes of calculating GDP using the expenditure approach, which of the following payments is not included in the government expenditures component?
A. The wages paid by a state government to the workers in its welfare department B. The wages paid by a local government to its road crew C. The federal government's purchase of a submarine from a shipbuilder D. Social Security payments