Congress created the Federal Reserve System in 1913 as the institution delegated to administer
A) monetary policy to stabilize the economy.
B) the constitutional power of Congress to "coin money and regulate the value thereof."
C) collect taxes for the federal government.
D) the minting of coins.
B
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If the executives of the U.S. silicon-chip industry lobby Congress for protection from imports on the grounds that several thousand workers would lose their jobs if there were a reduction in domestic silicon-chip production, they are using the:
A) environmental standards argument. B) infant industry argument. C) job protection argument. D) national security argument.
The multiplier is the ratio of the
A) change in the equilibrium level of real GDP to the change in autonomous expenditures. B) equilibrium level of real GDP to the change in induced expenditures. C) change in induced expenditures to the change in autonomous expenditures. D) change in autonomous expenditures to the change in the equilibrium level of real GDP.