One reason for the differences between the Federal Reserve System and its European counterparts is
a. that the Fed was established earlier
b. the tendency for Americans to embrace the idea of a central authority
c. the fear that a powerful central bank might be dominated by one group's interests to another group's detriment
d. the homogeneity of the United States compared with other nations
e. because our definition of money is much different from other countries
C
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Based on the figure below. Starting from long-run equilibrium at point C, an increase in government spending that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ creating _____gap. 
A. D; an expansionary B. B; no output C. B; expansionary D. A; a recessionary
The Central Bank of Baltonia decided to lower the interest rate that banks use to make loans to each other when the growth rate of Baltonia's output fell. What will be the effect of this policy on Baltonia's economy?
What will be an ideal response?
According to the equation of exchange, how can national income grow even though the amount of money does not?
A) price level increases B) real GDP decrease C) velocity increases D) velocity decreases
For many decades prior to the Industrial Revolution, the standards of living in England and China
A. Remained roughly constant B. Increased steadily C. Declined substantially D. Increased many times over