Which of the following statements is correct?
A) Federal Reserve district banks are owned by the government.
B) Member banks receive no return on the stock they own in Federal district banks.
C) Federal Reserve district banks pay dividends on their earnings to member banks.
D) The boards of directors of the district banks are all local bankers.
C
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If as output increases average product increases, then ________
A) average total cost decreases B) average fixed cost decreases C) marginal cost decreases D) average variable cost decreases
Which of the following is not a characteristic of a monopolistically competitive firm in long-run equilibrium?
A) Price is equal to average revenue. B) The firm has excess capacity. C) Marginal revenue is equal to marginal cost. D) Price is equal to marginal cost.
What was not one of the government's strategies to pull the nation out of the Great Depression?
a. Large subsidies for manufacturing companies. b. Sizable increases in employment of emergency workers. c. Development of the Federal Deposit Insurance Corporation (FDIC). d. Institute price controls for farmers.
During the 1970s, countercyclical fiscal policy
a. to spur increases in real GDP failed b. worked better than predicted, curbing inflation while decreasing unemployment rates c. demonstrated that the economy could be fine-tuned using aggressive fiscal policy d. showed that the Keynesian assumption about the shape of the aggregate supply curve was basically correct e. failed to lower the unemployment rate and actually increased the inflation rate