Which of the following institutions is responsible for supervising the banking system of the United States?
A. The Federal Reserve System
B. The Open Market Committee
C. The U.S. Treasury
D. The Federal Deposit Insurance Corporation
Answer: A
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The total cost of producing one unit of output is $200; two units cost $300, three units $450, and four units $800. Fixed cost is $50. Draw the associated total cost, average cost, and marginal cost curves, placing total cost on one graph and marginal and average cost on a second graph.
What will be an ideal response?
Which of the following would cause aggregate demand to decrease?
A) The government increases taxes on both business and personal income. B) A drop in the foreign exchange value of the dollar C) The Fed increases the amount of money in circulation. D) Businesses and households believe that the economy is headed for good times, so they begin to feel increased security about their jobs.
Suppose Frank quits his $25,000 a year job and starts his own hauling company. He takes $10,000 out of his savings account at the bank, where he was earning 5 percent interest, to buy a truck. His other expenses, including the truck, are $20,000 . Frank's revenues are $48,000 . Frank ends up with
a. $3,000 in wage-related rent b. $2,500 in entrepreneurial profit c. a $7,000 loss d. $48,000 in entrepreneurial profit e. $3,000 in entrepreneurial profit
Compared to a barter economy, using money increases efficiency by reducing:
A. transaction costs. B. the need to exchange goods. C. the need to specialize. D. inflation.