Which of the following are factors that will modify the size of the deposit expansion multiplier?
A. A foreign trade imbalance
B. Cash
C. Excess reserves
D. Change in reserve requirements of all these factors
D. Change in reserve requirements of all these factors
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The profits of business firms, defined as the difference between total revenue and total cost, are not zero because
A) capitalists have a near monopoly over the means of production. B) information is a scarce good. C) the government defines some opportunity costs as revenue in order to increase tax receipts. D) there would be no investment if firms did not earn positive profits.
The president from which Federal Reserve Bank always has a vote in the Federal Open Market Committee?
A) Philadelphia B) Boston C) San Francisco D) New York
The real bills doctrine was the guiding principle for the conduct of monetary policy during the
A) 1910s. B) 1940s. C) 1950s. D) 1960s.
When economists disagree about whether legislation is a good idea, even when they agree about its impacts, the disagreements are usually over
a. normative issues b. positive issues c. the mathematical calculations in an economic model d. whether microeconomics or macroeconomics is more important e. whether economic theory is useful in explaining the behavior of actors in the economy