To be independent, a central bank must have:
A. control of its own budget.
B. the chairperson serve as a member of the President's cabinet.
C. the board members appointed for very short terms.
D. its policies overturned only by the president.
Answer: A
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From 1837 and up until the Civil War, the United States adhered to a
A) gold standard. B) silver standard. C) bimetallic standard. D) bronze standard. E) copper standard.
When the interest rate rises, the demand for loanable funds falls and the supply of loanable funds rises.
Answer the following statement true (T) or false (F)
Which of the following is an example of the life-cycle motive for saving?
A. Jordan sets aside $200 per month in case she has to pay for a new roof for her house. B. Chris keeps $15,000 in a money market account to pay expenses in case he loses his job. C. Pat puts $400 per month in his 401(k) retirement account. D. Gerry and Terry put $2,000,000 in a trust fund that will go to their children when they die.
Which pitfall to sound economic reasoning is illustrated when a person comments that "capitalists focus only on profits and don't care about their workers"?
A. Abstraction B. Biases C. The fallacy of composition D. Confusing correlation and causation