The functions of the Federal Reserve System include
A) Regulate the money supply. B) Supervise the U.S. Treasury.
C) Supply the economy with government bonds. D) None of the above.
Answer: A
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Which of the following statements is true?
A) Because the federal income tax system is progressive, measuring poverty using after-tax incomes results in a higher poverty rate than if poverty is measured using before-tax incomes. B) In the United States, income remaining after federal taxes are paid is more equally distributed than income before taxes. C) If non-cash benefits such as food stamps and rent subsidies were added to the incomes of low-income families, poverty would be eliminated. D) If transfer payments such as Social Security payments to the retired and disabled were excluded from official statistics used to estimate the percentage of people with incomes below the poverty line, the amount of poverty in the United States would be much greater.
Global environmental externalities are caused when pollution created in one country does which of the following?
a. Affects people in other countries who also caused the pollution b. Does not affect people in other countries c. Affects people in other countries who did not cause the pollution d. Positively affects people in other countries
Which of the following is true?
A. At the same price, demand is more elastic on the steeper demand curve. B. On a linear demand curve, elasticity is constant. C. On a linear demand curve, the higher the price, the less elastic is demand. D. None are true.
Robinson Crusoe is stranded on an island. He finds that coconuts are freely available (zero harvest cost), but fish are difficult to harvest and require a lot of energy. As a result, harvesting fish has a high price. If coconuts and fish are imperfect substitutes, what is Robinson Crusoe likely to consume?
A) He will consume more coconuts than fish. B) He will consume more fish than coconuts. C) He will consume equal amounts of both goods. D) Not enough information is given.