One reason for the differences between the Federal Reserve System and its European counterparts is
a. that the Fed was established earlier
b. the tendency for Americans to embrace the idea of a central authority
c. the fear that a powerful central bank might be dominated by one group's interests to another group's detriment
d. the homogeneity of the United States compared with other nations
e. because our definition of money is much different from other countries
C
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The IS curve shows that higher income levels require ________ interest rates to ensure that income equals ________
A) higher, planned autonomous spending B) higher, planned expenditures C) lower, planned autonomous spending D) lower, planned expenditures
For each additional lamp produced, a constant opportunity cost is incurred in terms of bookshelves. This means
A) that it takes more resources to produce a lamp than a bookshelf. B) that it takes fewer resources to produce a lamp than a bookshelf. C) that for every lamp produced, a constant number of bookshelves is forfeited. D) that for every lamp produced, a different number of bookshelves is forfeited.