The most important role of the Federal Reserve in today's US economy is
A. Negotiating with foreign nations to reduce the enormous trade deficit
B. Controlling the money supply to pursue economic objectives
C. Balancing the government's budget by increasing taxes and cutting spending
Ans: B. Controlling the money supply to pursue economic objectives
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With regard to agricultural productivity (grain crops) in the post-Civil War period (1870–1910),
(a) output per acre went up significantly. (b) output per man-hour went up significantly. (c) output per unit of energy input went up significantly. (d) all of the above occurred.
The impact of an increase in the gasoline tax on SUV sales is
A) a macroeconomics topic because it deals with taxes. B) a microeconomics topic because it deals with one industry. C) not an economic issue, but rather a political issue. D) insignificant.