The Fed's responsibilities include controlling the money supply, clearing checks, and supervising ...

The Fed's responsibilities include controlling the money supply, clearing checks, and supervising and regulating banks.
 a. True
  b. False
  Indicate whether the statement is true or false

QUESTION 2

According to the classification in the text, which of the following is not an industrially advanced country (IAC)?
 a. Singapore. b. Hong Kong.
  c. United Arab Emirates. d. Ireland.

QUESTION 3

Unplanned inventory depletion occurs when real GDP is above its equilibrium level.
 a. True
  b. False
  Indicate whether the statement is true or false

QUESTION 4

All banks are required to join the Fed.
 a. True
  b. False
  Indicate whether the statement is true or false

QUESTION 5

An industrially advanced country (IAC) is defined as a country with a GDP per capita among the top ____ countries in the world.
 a. 5 b. 10
  c. 20 d. 27

QUESTION 6

In the Keynesian model, equilibrium occurs when aggregate output equals aggregate expenditures.
 a. True
  b. False
  Indicate whether the statement is true or false

QUESTION 7

The chairman of its Board of Governors is appointed by the president; the Fed operates without independence from the executive branch of the government.
 a. True
  b. False
  Indicate whether the statement is true or false

QUESTION 8

According to the classification in the text, which of the following is not an industrially advanced country (IAC)?
 a. United Arab Emirates.
  b. Israel.
  c. Greece.
  d. All of the above are IACs.
  e. None of the above are IACs.

QUESTION 9

In the aggregate expenditures model, if aggregate expenditures (AE) equals 7 trillion and GDP equals 8 trillion, then inventory accumulation equals 1 trillion.
 a. True
  b. False
  Indicate whether the statement is true or false