A Federal Reserve Bank

1 A Federal Reserve Banka is primarily in the business of consumer lending with insured deposits.b is established with the sole purpose of holding bank reservesc is an agency of the US governmentd Is a non profit bank to make business loans2 Why do Rolling Stones receive more income from a single concert than a school teacher may receive for a lifetime of work?a Because Rolling Stones deserve more moneyb Because demand for Rolling Stones performance is relatively elasticc Because demand for Rolling Stones performance is relatively inelasticd Because the economy does not favor teaching3 The equilibrium price will rise if thea demand falls and supply remains constantb demand falls and supply risesc demand and supply both rised demand rises and supply falls4 In economics, all resources are scarcea except in highly productive economiesb except where technology is a major component of productionc except where the labor force is continuously trained and re trainedd none of the above5 John Maynard Keynesa is the father of classical economicsb was an advocate of tax cuts to stimulate the economyc was an advocate of government spending to boost the economyd Both b and c.6 Opportunity Cost is a concepta used to comply with Generally Accepted Accounting Principlesb The cost of the next best alternativec really the same as Marginal Cost of producing an itemd none of the above7 Deficit spending isa can not be undertaken by small governmentsb an established monetary policy toolc can only be implemented by the Fedd an established fiscal policy tool8 What annual deficit could a $55 billion economy growing at a real annual rate of 5% have without changing its debt burden?a $150 millionb $250 millionc $350 milliond none of the above9 The effect of contractionary monetary policy on the exchange rate through income and price:a It pushes up the interest rateb It decreases income and, thus, importsc It has a tendency to decrease inflationd All of the above results in increase of the exchange rate10 The following topics are included in Macroeconomics excepta Impact of taxes on aggregate outputb the effect of trade on economic growthc how firms set the price and quantity of their productsd military spending11 Firms prefer quotas to tariffs becausea with quotas they receive more profitsb with tariffs they receive more profitsc neither makes a difference a firmd none of the above12 Inflation can reduce debt becausea it reduces the value of the currency, so debt is paid back with cheaper moneyb it reduces the value of the currency and actually reduces debtc both of the aboved none of the above13 The cost of printing is always lower than the cost of money. That being the case, why doesn t the Fed just print lots of moneya To have value, the supply of money has to be limitedb The Fed does that all the time anywayc The decision to print money can only come from the Congressd None of the above14 Banks prefer to have many depositors rather than one big one. Why?a Large number of depositors bring stability to the bankb The bank will be in trouble if a single large depositor decides to close her account.c Banks are unwilling to make money on the float.d a and b15 A country with comparative advantage in production of wine shoulda export its wine.b impose a tariff on wine from other countriesc not specialize in producing wined impose a quota on imported wine16 A strong currencya is harmful to the economyb facilitates exportsc facilitates importsd is trade neutral17 If a government does nothing to stem its currency value decline in internationalmarkets,a it is probably aiming at reducing unemployment at homeb it is probably because of an incompetent government that does not understand economicsc it is probably because the government wants to encourage importsd none of the above18 Everything else being the same, if inflation goes up in the US,a the dollar exchange rate against other currencies will go upb the dollar exchange rate against other currencies will go downc the dollar exchange rate against other currencies will remain unchanged.d None of the above19 Economists advocate free trade becausea trade restrictions lower aggregate outputb trade restrictions reduce international competitionc there could be harmful trade warsd all of the above20 Demand primarily includesa want, need and necessityb the ability to buy and necessityc the ability and willingness to buyd none of the above.

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