Open market operations have their initial effect on bank
a. lending.
b. reserves.
c. profits.
d. revenues.
b
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The income elasticity of demand is the percentage change in the ________ divided by the percentage change in ________
A) quantity demanded; the price of a substitute or complement B) quantity supplied; price C) quantity demanded; price D) quantity demanded; income E) quantity demanded when income changes; the quantity supplied
Which of the following is a way to finance a budget deficit?
A) increased private saving B) decreased domestic investment C) decreased foreign investment D) all of the above
Between the Civil War and World War I, the U.S. monetary system:
a. experienced a persistent deflation. b. suffered several financial crises in which banks closed and firms went bankrupt. c. adopted a de facto gold standard. d. adopted a central bank. e. All of the above.
Suppose an American worker can make 20 pairs of shoes or grow 100 apples per day. On the other hand, a Canadian worker can produce 10 pairs of shoes or grow 20 apples per day. Which of the following statements is true?
A. The United States has a comparative advantage in the production of shoes. B. Canada has a comparative advantage in the production of shoes. C. Comparative advantage doesn't exist in this scenario. D. Both countries have a comparative advantage in the production of shoes.