Which is not true of the Fed?
A. US central bank
B. twin mandates of max employment and price stability
C. OMO is its central tool
D. totally centralized in DC
E. responsible for monetary policy, bank regulation, and financial system stability
Ans: D. totally centralized in DC
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Over the years, U.S. government spending has ________
A) increased but government revenue has decreased B) decreased but government revenue has increased C) decreased and government revenue has also decreased D) increased and government revenue has also increased
Which of the following is the best definition of what economists define as total income?
A) payment for labor services B) payment for labor services and for ownership of other factors of production C) payment for labor services, for use of other factors of production, and gifts and government transfers D) inheritance