The Depository Institutions Deregulation and Monetary Control Act of 1980 accomplished which one of the following reforms?
A. Established a uniform set of reserve requirements for all depository institutions.
B. Established maximum and minimum interest rates which depository institutions were permitted to pay on checkable deposits.
C. Shifted to the United States Treasury the responsibility for setting the discount rate.
D. Provided presidential veto power over setting reserve requirements.
A. Established a uniform set of reserve requirements for all depository institutions.
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______________—a term referring to when a given percent price change in price leads to an equal percentage change in quantity demanded or supplied.
a. Infinite elasticity b. Zero inelasticity c. Constant unitary elasticity d. Perfect elasticity
Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
Inflation makes certain things less valuable in real terms, including:
A. anything expressed in dollars. B. your full college scholarship. C. a fixed monthly pension payment. D. real estate and precious metals.
According to the "misperception effect" explanation of short-run aggregate supply, firms increase output as the price level rises because they mistake the increase in overall prices for an increase in the relative price of their own output
a. True b. False Indicate whether the statement is true or false