Which of the following is TRUE of the Federal Reserve System?
a) It is controlled by the executive branch of the federal government.
b) It is subject to oversight from Congress.
c) It is not the central bank of the United States.
d) It was established as part of the U.S. Constitution.
Ans: b) It is subject to oversight from Congress.
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If a consumer's purchases of a product increases as income increases, this good is classified as a(n):
a. superior good. b. inferior good. c. substitute good. d. complementary good. e. normal good.
What is the difference between a positive statement and a normative statement?
a. A positive statement is contestable; a normative statement is testable. b. A positive statement is subjective; a normative statement is contestable. c. A positive statement is testable; a normative statement is objective. d. A positive statement is objective; a normative statement is contestable.