The relationship between borrowed reserves (BR), the nonborrowed monetary base (MBn), and the monetary base (MB) is
A) MB = MBn - BR.
B) BR = MBn - MB.
C) BR = MB - MBn.
D) MB = BR - MBn.
C
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A cartel is an agreement
A) among firms to flood the market and eliminate competition. B) among firms to steal industrial processes from rival firms. C) among firms to decrease output and raise price. D) by the government to restrict imports.
The long run is a period of time
a. during which at least one resource is fixed b. during which all resources are variable c. during which all resources are fixed d. less than one year e. greater than one year
Which of the following statements is true?
A. Many different production processes can be technically efficient, but only the method that involves the lowest possible cost is economically efficient. B. Many different production processes can be economically efficient, but only the method that involves the lowest possible cost is technically efficient. C. There are many production processes that are both technically and economically efficient, but only one of these involves the lowest possible cost. D. There is only one production process that is technically efficient, and this process is also economically efficient.
It is generally true that elected officials find it easier to:
A. raise taxes and cut government spending. B. cut government spending. C. cut taxes. D. raise both taxes and government spending.