Answer the following statements true (T) or false (F)
1. The value of money in the United States is based on the stock of gold and silver held by the United States government.
2. The Federal Reserve System is independent of Congress and the President, and does not have to follow orders from either Congress or the President.
3. The Federal Open Market Committee (FOMC) regulates markets and enforces antitrust laws to keep markets open and competitive.
4. The Federal Reserve System is the institution that issues the U.S. paper currency or dollar bills.
5. The general public can open deposit accounts at their district's Federal Reserve Bank.
1. False
2. True
3. False
4. True
5. False
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The leakage and injections approach implies that a government deficit is financed by
A) private saving less private investment plus net exports. B) private investment less private saving plus net exports. C) the trade deficit must always offset the government deficit. D) None of the above.
Constant returns to scale occur when: a. long-run average total cost decreases with an increase in output
b. long-run average total cost increases with an increase in output. c. long-run average total cost remains constant with an increase in output. d. long-run average variable cost decreases with an increase in output.