Thomas Jefferson and James Madison
a. were instrumental in the creation of the First Bank of the United States
b. originally came up with the idea for the Federal Reserve System
c. changed the U.S. currency from the dollar to the British pound to avoid financial panic
d. opposed the idea of a central bank because they believed it was unconstitutional
e. served as governors on the first Board of Governors
D
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An increase in wages in the public sector is caused solely by increased labor productivity in that sector
a. True b. False Indicate whether the statement is true or false
GDP per person tells us the income and expenditure of the
a. richest person in the economy. b. poorest person in the economy. c. average person in the economy. d. entire economy.
The profit-maximizing level of employment for a price-taking firm occurs where marginal revenue product equals marginal resource cost. In contrast, the profit-maximizing level of employment for a price-setting firm occurs where marginal product equals marginal resource cost
Indicate whether the statement is true or false
Persons who argue that monetary and fiscal policy should be deliberately used to smooth out the business cycle are called
A) activists. B) disciples. C) nonactivists. D) controllers.