In making policies about the nation’s money supply, the Federal Reserve Board
A. operates as an independent entity.
B. must consult each member bank.
C. must consult with Congress.
D. must coordinate all activity with the White House.
Answer: A
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Suppose that the average equilibrium monthly rental price of apartments and rooms in a college town had been steady at $600, but then the college expanded enrollment from 10,000 to 12,000, and suddenly there was a shortage of rental housing at the prevailing price of $600 . Which of the following is most likely to be true?
a. The shortage occurred because supply increased, and a new market equilibrium will feature lower rental prices and fewer rental units available on the market. b. The shortage occurred because demand increased, and a new market equilibrium will feature higher rental prices and fewer rental units available on the market. c. The shortage occurred because demand decreased, and a new market equilibrium will feature lower rental prices and fewer rental units available on the market. d. The shortage occurred because demand increased, and a new market equilibrium will feature higher rental prices and more rental units available on the market.
The term ______________________ refers to the means used to determine how available goods and resources will be allocated.
a. positive economics b. marginal c. rationing device d. normative economics
A monopsony is a market situation in which there is only one seller.
Answer the following statement true (T) or false (F)
In 2013, the average person over age 65 covered by Medicaid cost the government
A. $15,483. B. $2,650. C. $938. D. less than the average cost of all Medicaid recipients.