Which of the following is NOT a correct statement about the Federal Reserve banks?
A) They supervise member banks within the Federal Reserve System.
B) They provide a system of check collection and clearing.
C) They provide the economy with gold backed currency.
D) They act as banker and fiscal agent for the U.S. government.
Ans: C) They provide the economy with gold backed currency.
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According to Nobel Laureate, Amartya Sen, which of the following measures should not be included in a balanced scorecard for economic growth?
a. Wide-spread access to basic life-sustaining amenities. b. Freedom to pick from a wide range of social and economic choices. c. Better self-esteem through higher standards of living. d. Currency appreciation due to balance of payments surpluses. e. All the above are proper measures in the balanced scorecard approach to growth.
Economic models do not reflect the full complexity of reality, but instead are based on:
A. Simplifications B. Tradeoffs C. Value judgments D. Predictions