Identify the correct statement about the Fed. a. When the ...

[CORALGRILL2014]

Identify 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 2

A 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.

[juicepod]

Answer to Question 1

c

Answer to Question 2

c