The central bank of the United States is:
A. the Federal Reserve System.
B. Bank of America.
C. Bank of the United States.
D. the U.S. Treasury.
Answer: A
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In the specific factors model, a 0% increase in the price of food accompanied by a 5% increase in the price of cloth will cause wages to ________, the production of cloth to ________, and the production of food to ________
A) increase by less then 5%; increase; decrease B) increase by 5%; remain unchanged; remain unchanged C) increase by more then 5%; increase; remain unchanged D) remain constant; increase; increase E) remain constant; decrease; decrease
In the long run in a perfectly competitive industry
A) opportunity costs are negligible. B) economic profits will be zero. C) some firms will be experiencing economic losses. D) only entrepreneurs will earn more than their opportunity costs.
Wages and labor are inversely related for people who value leisure more than work
Indicate whether the statement is true or false
A French import is a good
a. produced in France and sold to Britain b. used in the production of a French good c. produced in Britain d. consumed in Britain e. produced in Britain and sold to France