Which statement about the ownership of the Fed is true?
a. The Fed is publicly owned by the citizens of the United States.
b. The Fed is owned by the Federal Reserve Board of Governors.
c. The Fed is privately owned by member banks.
d. The Fed is owned by the U.S. government.
c. The Fed is privately owned by member banks.
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The demand for insulin is quite inelastic. The demand for Pepsi is quite elastic. Suppose the elasticity of supply for insulin is the same as the elasticity of supply for Pepsi
If a $0.20 tax was imposed on each of these goods (holding everything else constant), which consumers would pay more of the tax? A) the Pepsi consumers B) the insulin consumers C) There would be no difference in the amount of tax paid by the consumers. D) More information is needed to determine which consumers pay more of the tax. E) The premise of the question is wrong because the elasticity of demand and the incidence of a tax are not related.
The cross-price elasticity of demand between milk and soft drinks is likely to be
a. negative because the goods are complements b. positive because the goods are complements c. negative because the goods are substitutes d. positive because the goods are substitutes e. 0 because the goods are not usually consumed by the same person at one time