Which of the following is not a major function of the Federal Reserve System?
A) setting income tax rates B) controlling the money supply
C) lender of last resort D) clearing checks between banks
A
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Xenonia has a larger supply of labor than Techland. If the labor supply in both the countries increases by the same amount while their capital stocks remain unchanged, ________
A) the increase in Techland's output will be more than the increase in Xenonia's output B) the increase in Xenonia's output will be more than the increase in Techland's output C) Xenonia's income per capita will decrease while Techland's income per capita will increase D) Xenonia's income per capita will increase while Techland's income per capita will decrease
The new classical explanation of aggregate supply in the short run builds on research by
A) Irving Fisher. B) John Maynard Keynes. C) Robert Lucas. D) Robert Solow.