The national debt is
What will be an ideal response?
the cumulative effect of all past budget deficits and surpluses of the federal government.
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An increase in the required reserve ratio would be
a. a restrictive policy because it lowers the amount of total reserves in the banking system. b. a restrictive policy because it lowers the amount of excess reserves in the banking system. c. an expansionary policy because it raises the amount of total reserves in the banking system. d. an expansionary policy because it raises the amount of excess reserves in the banking system. e. an expansionary policy because it raises the amount of required reserves in the banking system.
According to the Phillips curve, policymakers can reduce inflation by
a. contracting aggregate demand. This contraction results in a temporarily higher unemployment rate. b. contracting aggregate demand. This contraction results in a temporarily lower unemployment rate. c. expanding aggregate demand. This expansion results in a temporarily lower unemployment rate. d. expanding aggregate demand. This expansion results in a temporarily higher unemployment rate.
Both optimization in levels and optimization in differences:
A) consider only the benefits from different alternatives. B) consider only the costs incurred in different alternatives. C) provide identical answers when comparing two alternatives. D) require the calculation of change in net benefits of switching from one alternative to another.
On a bank's balance sheet, assets are
A) the uses of acquired funds. B) the sources of acquired funds. C) those items owed by the bank to depositors and others. D) by definition equal to the bank's liabilities.