Politicians face strong incentives to favor _____ over _____
a. the rich; the middle class
b. special interests; the public interest
c. the rationally ignorant; special interests
d. the future; the present
b
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The Federal Reserve System is the central bank of the United States
Indicate whether the statement is true or false
When the price of a good falls, consumers may increase the quantity consumed because they have greater total purchasing power. This statement describes the:
a. substitution effect. b. income effect. c. consumer equilibrium effect. d. price effect.
In the equation of exchange, "Q" stands for
A) the interest rate. B) quality. C) GDP. D) Real GDP.
Assume that the Paris First National Bank's loan position contracted from $16 million to $12 million. If the required reserve ratio was increased from 20 percent to 40 percent, how much would the money supply shrink?
A. $5 million. B. $10 million. C. $15 million. D. $20 million.