In a dynamic economy, there will always be some frictional unemployment

The Federal Reserve System was established by Congress in 1914

a. as a result of a breakthrough in economic theory. b. against significant opposition from the banking sector. c. because of the need for a central bank. d. as the world's first central bank.

Considering only its direct effect on income, an expansionary monetary policy tends to:

A. increase a trade deficit and decrease the exchange rate. B. decrease a trade deficit and decrease the exchange rate. C. increase a trade deficit and increase the exchange rate. D. decrease a trade deficit and increase the exchange rate.