1. Which of these best describes the U.S. Federal Reserve? A. Is r esponsible fo
ID: 1253398 • Letter: 1
Question
1. Which of these best describes the U.S. Federal Reserve?A. Is r
esponsible for monetary policy/money supply.
B. Prints money.
C. Keeps the country out of debt.
D. Helps people in need.
E. None of the above
2
. Who sets monetary policy in the United States?
A.
Congress
B. President
C. U.S. Treasury
D. Federal Reserve
E. None of the above
3. The prices of meat products in a competitive market are determined by:
A.
Government.
B. Business monopolies.
C. Supply and demand.
D. The Consumer Price Index.
E. None of the above
4
. The purchasing power of people's incomes is most affected by:
A.
The inflation rate.
B. The trade deficit.
C. The balance of payments.
D. All of the above equally
5. Who makes fiscal policy in the United States?
A.
President and Congress
B. Federal Reserve
C. U.S. Treasury
D. IRS
E. None of the above
6. What is an example of fiscal policy?
A.
Discount Rate Change
B. Prime Rate Change
C. Federal Income Tax Rate Change
D. All of the above.
E. None of the above
7. Which one of the following is most likely to improve the wages
of American workers?
A.
An increase in business inventories.
B. An increase in productivity.
C. An increase in interest rates.
D. All of the above equally
8. What is the current national rate (percent) of civilian unemployment?
A.
1% - 3%
B. 3% - 6%
C. 6% - 9%
D. More than 9%
E. None of the above
9
. Which one of the following is the most widely used measure
of inflation?
A.
The Consumer Price Index.
B. The Index of Leading Economic Indicators.
C. The prime rate.
D. The Federal Funds rate.
E. None of the above
10. What is the current annual rate of inflation?
A.
1% or less
B. 2% - 3%
C. 6% - 7%
D. 10% - 12%
E. None of the above
Explanation / Answer
1.Which of these best describes the U.S. Federal Reserve?
Responsible for monetary policy/money supply
So none of the above
46 38 58 2. What is the basic purpose of profits in our market economy?(B) Lead businesses to produce what consumers want.
36 42 52 3. Who sets monetary policy in the United States?(D) Federal Reserve
33 25 47 4. The prices of meat products in a competitive market are determined by (C) Supply and demand.
64 72 79 5. The purchasing power of people's incomes is most affected by (A) the inflation rate.
60 53 81 6. Who makes fiscal policy in the United States?(A) President and Congress
50 50 55 7. What is an example of fiscal policy?(C) Federal Income Tax Rate Change
23 28 48 8. Which one of the following is most likely to improve the wages of American workers? (B) An increase in productivity.
68 69 77 9. What is the current national rate (percent) of civilian unemployment? (B) 4% - 6%.
22 10 26 10. Which one of the following is the most widely used measure of inflation? (A) The Consumer Price Index.
35 35 56 11. What is the current annual rate of inflation? (B) 2% - 3%
11 4 12 12. What economic policy would most likely be used to combat a recession when inflation is low? (B) An increase in the money supply.
21 17 42 13. Economic growth is measured by a positive change in which of the following? (C) The Gross Domestic Product.
40 37 56 14. There is a deficit in the federal budget when: (A) Federal government spending is greater than federal tax revenues.
51 38 66 15. If the U.S. dollar increases in value, what will most likely be the effect on U.S. exports of goods to other countries? (B) Exports would decrease.
50 38 61
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