With the invention of banking, one important aspect of money was that
A. banks have some discretion over the money supply.
B. banks have complete control over the money supply.
C. governments lost all control over the money supply.
D. individuals have no discretion over the money supply.
Answer: A
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In connection with laborers, the law of conspiracy meant that
(a) employers had every right to organize or conspire to keep wages low and prices high. (b) workers had every right to organize or conspire to keep wages high and working hours short. (c) workers could organize unions to promote their own interests as long as they did it publicly and in fair dealings with employers and did not "conspire" to do it in secret meetings not open to the public. (d) worker organizations aimed at promoting the economic interests of the members were illegal.
If the absolute value of the tax multiplier equals 1.6, real GDP is $13 trillion, and potential real GDP is $13.4 trillion, then taxes would need to be cut by ________ to restore the economy to potential real GDP
A) $250 billion B) $400 billion C) $640 billion D) None of the above are correct. Taxes should be increased in this case.