The three major responsibilities of the ________ are legislative power, control over the budget, and supervision of executive decisions.

Which of the following types of unemployment is likely to exist in an economy that is at its potential output level?

a. Cyclical unemployment only b. Structural unemployment only c. Frictional, cyclical, and seasonal unemployment only d. Frictional, seasonal, and structural unemployment only e. Seasonal unemployment only

Which of the following is the most effective tool used by the Fed?

a. Converting state-chartered banks to nationally-chartered banks b. Shifting deposits from one District Fed to another c. Producing currency to increase the money supply d. Using the federal funds market e. Open market operations