Which of the following is charged with the job of buying and selling securities?
A. The New York Federal Reserve Bank
B. The Federal Advisory Council
C. The United States Treasury
D. The Department of Internal Affairs
A. The New York Federal Reserve Bank
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Prior to the financial crisis and recession which began in 2007, credit for mortgages was ________, creating a ________
A) unavailable to low-income borrowers; large demand for rental properties B) virtually unavailable; housing bubble C) only available to borrowers with high credit scores; shortage of affordable housing D) easily obtained; housing boom
If firms in a perfectly competitive industry are earning an economic profit, then in the ________, firms will ________ the industry
A) short run; enter B) long run; enter C) short run; exit D) long run; exit E) More information about the firms' costs and the price of the product is needed to determine if firms enter or exit the industry.
Which of the following would cause both the equilibrium price and equilibrium quantity of potatoes (assume that potatoes are an inferior good) to decrease?
A) a technological advancement that results in a bumper crop of potatoes B) a freeze that sharply reduces potato output C) a decrease in consumer income D) an increase in consumer income
Although he is very poor, Al plays the million-dollar lottery everyday because he is certain that one day he will win. Al makes this calculation based upon
A) the frequency of past outcomes. B) subjective probability. C) knowledge of all possible outcomes. D) tossing a coin.