Answer the following statements true (T) or false (F)
1. The primary function of the Fed’s Board of Governors is to formulate U.S. monetary policy.
2. The first attempt at centralized banking in the United States was the Federal Reserve System.
3. A major weakness of the National Banking System was the perverse elasticity of the money supply.
4. The Federal Reserve System was established by the National Banking Act of 1864.
5. Instead of having one central bank, the Federal Reserve in effect has twelve district banks, each with some amount of autonomy.
1. TRUE
2. FALSE
3. TRUE
4. FALSE
5. TRUE
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Which of the following goods is most likely to have a negative income elasticity of demand?
a. Automobiles b. Bargain brand noodles c. Shoes d. Fine Jewelry
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point B to Point C so that an additional 20 OLED televisions could be produced, production of LCD televisions would have to be reduced by
A. more than 30. B. exactly 60. C. fewer than 30. D. exactly 30.
If goods A and B are substitutes, a decrease in the price of good B will:
A) decrease the demand for good A. B) increase the demand for good B and decrease the demand for good A. C) increase the demand for good B. D) increase the demand for good A.
The value of output was $100 billion in Northland and $200 billion in Southland. The population of Northland was 50 million and the population of Southland was 30 million. There were 30 million employed workers in Northland and 20 million employed workers in Southland.
A. Southland; higher in Southland B. Southland; the same in both countries C. Northland; higher in Northland D. Northland; the same in both countries