The Federal Reserve System:
A. has the same status as the Supreme Court.
B. is basically an independent agency.
C. has the status of a congressional committee.
D. is an agency of the executive branch of the federal government.
B. is basically an independent agency
You might also like to view...
In any economy functioning at potential GDP, there are occasions when the short-term aggregate supply curve unexpectedly shifts, causing inflationary pressures. Which of the following is considered to be a common cause of this type of shift?
A. overoptimistic lending by banks B. sudden rise in input prices C. a surge of export sales D. a wave of government spending
When economists say goods are scarce, they mean:
a. consumers are too poor to afford the goods and services available. b. consumers are unwilling to buy goods unless they have very low prices. c. goods are generally freely available from nature in most countries. d. the desire for goods and services exceeds our ability to produce them with the limited resources available.