What is the central bank of the United States and what functions does it perform?
What will be an ideal response?
The Federal Reserve System is the central bank of the United States. The Federal Reserve conducts the nation's monetary policy and regulates the nation's depository institutions. The Fed provides banking services to commercial banks.
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
The horizontal axis of a graph that shows a market demand curve indicates the
A. quantities that consumers are willing and able to buy at various prices. B. different prices at which a product can be purchased. C. number of consumers who are in the market for a product. D. various quantities of a product at which the market will be cleared.