As the central bank, the Federal Reserve System provides banking services to
A) banks and regulates financial institutions and markets.
B) foreign corporations and determines the exchange rate.
C) the government and the stock market.
D) individuals and controls the quantity of money.
E) banks and determines how much the U.S. government will borrow.
A
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For the monopolistically competitive firm
A) P = MR > AR. B) P > MR = AR. C) Price (P) = Marginal Revenue (MR) = Average Revenue (AR). D) P = AR > MR.
The Internet has made it possible to compare lots of prices without incurring a lot of cost. If Internet access is unequally distributed throughout the population, one would expect
A) consumers with Internet access to pay a higher price. B) consumers without Internet access to pay a lower price. C) price discrimination against consumers without Internet access. D) firms to charge the same price to all consumers.