The quantity of money in circulation in the United States is managed by
A) The Securities Exchange Commission.
B) The United States Treasury.
C) The Federal Reserve System.
D) Wall Street.
C
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If the demand curve for a good is unit elastic, then total expenditure will _____ as the price of the good decreases.
A. remain constant B. fall C. rise D. go to zero
The North American Free Trade Agreement is an example of
A) a beggar-thy-neighbor trade policy. B) a preferential trade arrangement. C) a multinational quota system. D) a general agreement on tariffs and trade.
Suppose the president of a textbook publisher argues that a 10 percent increase in the price of textbooks will raise total revenue for the publisher. It can be concluded that the company president thinks that demand for textbooks is:
A. unitary elastic. B. inelastic. C. elastic. D. perfectly inelastic.
Which of the following statements is TRUE?
A) Government spending as a percent of total national income has continuously decreased since the 1950s. B) Transfer payments are money payments made by the government for which no goods or services are currently received. C) Education is the largest category of federal government expenditures. D) Transfers in kind include Welfare, Social Security, and unemployment insurance benefits.