Reserve requirements for checking accounts are ____ those on time deposits.
A. higher than
B. lower than
C. the same as
A. higher than
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In the game in Scenario 13.11, equilibrium is
A) R1, C1. B) R1, C2. C) R2, C1. D) R2, C2. E) a mixed strategy based on all four pure strategies.
The natural rate of unemployment occurs if there is no:
A. unemployment. B. frictional unemployment. C. structural unemployment. D. cyclical unemployment.
As a part of the tax cut package signed into law on December 17, 2010, the government reduced the employee portion of the payroll tax from 4% to 2% for 2011. According to the permanent-income hypothesis, households that smooth consumption will
A) use all of the extra income generated by this tax reduction for consumption during 2011. B) use a large portion of the extra income generated by this tax reduction for consumption during 2011. C) use most of the extra income generated by this tax reduction as saving during 2011. D) split the income evenly between consumption and saving during 2011, since the tax cut will expire after one year and consumption is smoothed.
In the circular-flow diagram, another name for goods and services produced by firms is
a. factors of production. b. output. c. inputs. d. resources.