The largest asset of the Fed from those on this list is
A. currency outstanding.
B. loans to depository institutions.
C. U.S. Treasury securities.
D. mortgage-backed securities.
Answer: C
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A monopolist which suffers losses in the short run will
A. raise price in order to eliminate losses. B. continue to operate as long as total revenue covers fixed cost. C. exit in the long run if there is no plant size that will result in economic profit that is greater than or equal to zero. D. both a and b E. both a and c
The similarity between markets for common resources and markets with externalities is that:
A. generally we get an oversupply at market. B. the price that competitive firms charge does not capture the true costs and benefits of consumption. C. the equilibrium quantity is too high in terms of society. D. government involvement is needed to reach an efficient outcome.
In the three-step method, what is accomplished in step 1?
a. finding the total revenue b. finding the total cost c. finding the market price d. finding the profit-maximizing output level
A person who voluntarily quits his/her job in New York and expects to get a similar job in Los Angeles is an example of:
A. structural unemployment. B. cyclical unemployment. C. durational unemployment. D. frictional unemployment.