The law that established the Federal Reserve System is the _____.
a. Federal Reserve Act of 1913
b. National Banking Act of 1863
c. Banking Act of 1933
d. National Banking Act of 1813
e. Federal Reserve Act of 1963
QUESTION 2Which of the following is true of small changes in productivity growth rates?
a. Small changes in productivity growth rates decrease the productivity of workers in the short run compounding the problem.
b. The effects of small changes in productivity growth rates are compounded over the years leading to large cumulative effects.
c. Small increases in productivity growth rates cause output to fall.
d. The effects of small changes in productivity growth rates are negligible.
e. Small decreases in productivity growth rates cause output to increase.
QUESTION 3A merger between two manufacturers of computers would result in which of the following?
a. A vertical merger.
b. A conglomerate merger.
c. A horizontal merger.
d. A monopoly merger.
QUESTION 4Identify the correct statement about the Fed.
a. When the Federal Reserve System was established, all banks were required to become members.
b. When the Federal Reserve System was established, only federally chartered banks were allowed to join.
c. When the Federal Reserve System was established, only federally chartered banks were required to join.
d. When the Federal Reserve System was established, most banks joined even though none were required to join.
e. When the Federal Reserve System was established, membership was required for all banks in some states, but not in others.
QUESTION 5A small change in the rate of productivity growth will have:
a. a small impact on output in both the short run and the long run.
b. a large impact on output in both the short run and the long run.
c. a small impact on output in the short run but a large impact in the long run.
d. a large impact on output in the short run but a small impact in the long run.
e. no effect on output at all.
QUESTION 6A merger between firms that compete in the same market is called a:
a. horizontal merger.
b. vertical merger.
c. conglomerate merger.
d. monopoly.
QUESTION 7Which of the following statements is true?
a. The Federal Reserve System was established by the U.S. Constitution.
b. The Federal Reserve System was established immediately after the Civil War.
c. The Federal Reserve System was established in 1913.
d. The Federal Reserve System was established during the Great Depression.
e. The Federal Reserve System was established immediately following World War II.
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