In the United States, monetary policy is the responsibility of the:
A. U.S. Treasury.
B. Department of Commerce.
C. Board of Governors of the Federal Reserve System.
D. U.S. Congress.
C. Board of Governors of the Federal Reserve System.
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The primary objective of inward-oriented strategies is:
a. to raise government revenue through tariffs and other import taxes. b. to lower the domestic price of imports. c. to replace imported manufactured goods with domestic goods. d. to encourage imports through reduction of tariff and non-tariff barriers. e. to encourage the production of those goods in which the country has an absolute advantage.
Total surplus is represented by the area
a. under the demand curve and above the price. b. above the supply curve and up to the price. c. under the supply curve and up to the price. d. between the demand and supply curves up to the point of equilibrium.