The Federal Reserve System is composed of:
A. three branches with overlapping responsibilities.
B. six branches with overlapping responsibilities.
C. twelve branches with clear responsibilities.
D. five branches with clear responsibilities.
Answer: A
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Bonds issued by state and local governments are called ________ bonds
A) corporate B) Treasury C) municipal D) commercial
During the Great Recession of 2007-2009, the U.S. ________
A) experienced unprecedented declines in household wealth B) the unemployment rate more than doubled C) experienced the most severe economic downturn since the Great Depression D) all of the above E) none of the above
The compensated demand curve holds the consumer's utility fixed as the price changes
Indicate whether the statement is true or false
Gross Domestic Product measures the
A) quantity of the goods and services produced in a given year, listed item by item, within a country. B) income of the business sector within a country. C) market value of the final goods and services produced in a given year within a country. D) measures the market value of the domestic labor in a given year within a country. E) market value of the final goods and services consumed by households in a given year within a country.