All the following statements about the Federal Reserve are true EXCEPT the fact that it ________
A) is a public authority
B) regulates a nation's depository institutions
C) accepts checking deposits from the nation's residents
D) controls the quantity of money
C
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The short run is not the same length of time for all firms and industries because: a. entrepreneurs have different tastes and preferences
b. the average product of labor varies across industries. c. the life span of capital and the extent of capital specialization will vary across firms and industries. d. The marginal product of capital begins to diminish at different levels of capital utilization across firms.
If the Fed buys a T-bill from a commercial bank, how will it pay for the T-bill?
a. It will give the bank new reserves. b. It will write the bank a check. c. It will transfer cash to the bank's vault. d. It will take reserves from another bank.