Which of the following is not a tool of monetary policy?
A. Open-market operations.
B. Changes in banking laws.
C. Changes in the rate of interest paid on reserves held at Federal Reserve Banks.
D. Changes in the reserve ratio.
B. Changes in banking laws.
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The demand and supply schedules for pizza are in the table above. If the government sets a maximum legal price of $2 per slice of pizza, then
A) there is a shortage of 20 slices of pizza. B) this maximum price is an example of a price floor. C) this maximum price is an example of a price ceiling. D) Both answers A and C are correct. E) Both answers B and C are correct.
Which of the following would cause stagflation?
A. Aggregate demand shifts left. B. Aggregate demand shifts right. C. Aggregate supply shifts left. D. Aggregate supply shifts right.
A reaction function is
A) companies colluding in order to make higher than competitive rates of return. B) the manner in which one oligopolist reacts to a change in price made by another oligopolist in the industry. C) a game in which firms will not negotiate in any way. D) when plans made by firms are known as game strategies.
In the current international monetary system, what is the role for gold?
A. The system is a gold-exchange standard, based on a fixed value for a key currency. B. Gold backs each currency, and therefore, the system as a whole. C. It serves as the principal reserve asset. D. It has no role.