Fiscal policy used to close an expansionary gap is known as _____
Fill in the blank(s) with the appropriate word(s).
contractionary fiscal policy
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The monetary base is equal to
A) M1. B) M2. C) currency and coins in circulation plus checkable deposits. D) the sum of coins, Federal Reserve notes, and banks' reserves at the Fed. E) the sum of coins, Federal Reserve notes, and gold at the Fed.
Which of the following is a reason why the wage rate of high-skilled workers exceeds the wage rate of low-skilled workers?
A) The market for high-skilled workers is more competitive than the market for low-skilled labor. B) The demand for high-skilled workers exceeds the demand for low-skilled workers. C) The number of high-skilled workers exceeds the number of low-skilled workers. D) Low-skilled workers often are in the process of acquiring more human capital.
Suppose there is a bank panic. Which of the following would not be a consequence of this bank panic?
A) Individual banks would have to shrink the value of loans they made. B) The economy would likely enter into a recession. C) Bank total reserves would decrease. D) Bank checking account balances would decrease. E) Required reserves would increase.
Based on the graphic for perfect competition versus monopoly, the change between the producer surplus of perfect competition and the producer surplus of a monopoly is ______.
a. a – b
b. a + b
c. b
d. –c