The monetary base minus reserves equals
A) currency in circulation.
B) the borrowed base.
C) the nonborrowed base.
D) discount loans.
A
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A balance of payments crisis is best described as
A) a sharp change in interest rates sparked by a change in expectations about the level of imports. B) a sharp change in foreign reserves sparked by a change in expectations about the future exchange rate. C) a sharp change in interest rates sparked by a change in expectations about the level of exports. D) a sharp change in foreign reserves sparked by a change in expectations about the level of imports. E) a sharp change in foreign reserves sparked by a change in expectations about domestic production.
When negative externalities exist in production, _____
a. the social supply curve lies to the left of the private supply curve b. the social supply curve lies to the right of the private supply curve c. the social supply curve is identical to the private supply curve d. the private demand curve lies to the right of the social demand curve e. the private demand curve lies to the left of the social demand curve
Economists agree that large firms with big research budgets create most of the economy's technological progress
Indicate whether the statement is true or false
The existence of union wages, efficiency wages, and the minimum wage
A) raises the real wage rate above the equilibrium wage rate and raises the natural unemployment rate. B) lowers the real wage rate below the equilibrium wage rate and creates a shortage of labor. C) raises the real wage rate above the equilibrium wage rate and creates a shortage of labor. D) raises the real wage rate above the equilibrium wage rate and lowers the natural unemployment rate. E) does not have an impact on the equilibrium wage rate or on the amount of unemployment.