Which of the following is the most important protection against fears of bank collapse?
a. The Federal Reserve.
b. The Federal Reserve Open Market Committee.
c. The Federal Deposit Insurance Corporation.
d. The gold and silver that backs Federal Reserve notes.
c
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Does voluntary exchange create wealth?
a. No, exchange merely shuffles the existing supply of goods and services among people. b. No, if one person gains, the other party must lose an equal amount. c. Uncertain, it will increase wealth if it creates more goods and services; otherwise it exerts no impact on the wealth of people. d. Yes, exchange makes it possible for the trading partners to gain more value from the existing supply of goods and it also makes larger output levels possible.
In 2014, the United States ran a trade deficit of 3.1 percent of GDP.
Answer the following statement true (T) or false (F)