As of 2013, the U.S. monetary base has ________ its 2007 level, the level held before the 2008 financial crisis, as a direct result of ________
A) quadrupled; the Fed's actions with quantitative easing
B) doubled; the Fed's actions with quantitative easing
C) tripled; the Fed's actions with quantitative easing
D) quadrupled; the Fed's actions and the resulting reduction of the money multiplier
E) tripled; the Fed's actions and the resulting reduction of the currency drain
A
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When the demand for a product is less elastic than the supply
A) consumers pay the entire tax on the product. B) firms pay the entire tax on the product. C) consumers pay the majority of the tax on the product. D) firms pay the majority of the tax on the product.
The purchase of $1 million of Treasury securities by the Federal Reserve, if there is no change in the quantity of currency, will cause reserves at banks to
A) increase by $1 million. B) increase by less than $1 million. C) decrease by $1 million. D) decrease by less than $1 million.
Prices of industrial products and wages tend to be the most "flexible."
Indicate whether the statement is true or false
The figure above shows the market for brooms. If the market is efficient,
A) 0 brooms are produced. B) 600 brooms are produced. C) more than 1000 brooms are produced. D) between 0 and 600 brooms are produced. E) between 600 and 1000 brooms are produced.