If a Fed __________ other than bank reserves falls and there are no offsetting entries elsewhere on the Fed's balance sheet, then bank reserves must __________
A) asset; fall
B) asset; rise
C) liability; fall
D) liability; rise
D
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Monopolistic competition is a market structure in which
A) a small number of firms compete. B) firms produce identical products. C) firms compete only on product price. D) firms are free to enter and exit the market.
During the worst year of the Great Depression, according to the official statistics, about what percentage of the labor force was unemployed?
(a) 10% (b) 15% (c) 25% (d) 35%
Table 10-1 Aggregate Quantity Aggregate Quantity ? Demanded Supplied Price (billions) (billions) Level $3500 $2900 65 3400 3000 75 3350 3150 90 3250 3250 110 3100 3400 130 In Table 10-1, what is the equilibrium level of real output and the equilibrium price?
A. $3,100 real output and a price of 75 B. $3,250 real output and a price of 110 C. $3,350 real output and a price of 90 D. $3,400 real output and a price of 75
If logrolling occurs during the creation of a highway construction bill, this means that
A. members of Congress are agreeing to support someone else's highway, so that other members will support their own projects. B. the bill is moved so fast through the process that no member of Congress can get their project included. C. members of Congress are taking bribes. D. the total costs are being trimmed.