Legislation that benefits many individuals at the expense of a few is a natural outcome of representative democracy

Each regional Federal Reserve Bank is owned by

A) the member banks in its district. B) the Federal Deposit Insurance Corporation. C) those who purchase its stock on the open market. D) the taxpayers in its district.

An externality is:

a. always a benefit to the recipient. b. always a detriment to the recipient. c. an activity that occurs in a business which is unknown to management. d. unintended benefits or costs imposed on third parties as a result of economic activity. e. an act, caused by a firm located in this country, which has an effect on a person in a foreign country.