An exchange rate is the price of one commodity (e.g., corn) measured in terms of another commodity (e.g., wheat)
a. True
b. False
B
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If the Fed were to lower the required reserve ratio,
A) excess reserves would decrease. B) excess reserves would increase. C) there would be no effect on the level of excess reserves. D) there would tend to be no effect on the nation's money supply.
The major distinction between the experiments and quasi-experiments chapter and earlier chapters is the
A) frequent use of binary variables. B) type of data analyzed and the special opportunities and challenges posed when analyzing experiments and quasi-experiments. C) superiority of TSLS over OLS. D) use of heteroskedasticity-robust standard errors.
Referring to discussion in an Added Perspective, Stanley Jevons warned in 1865 that England would quickly run out of
a. lumber b. food c. coal d. oil e. clean water
Which of the following is a characteristic of capitalism?
A. government ownership of all capital B. government decision-making is preferred to decentralized decision-making C. market determination of prices and quantity D. equality of income