Open-market purchases by the Fed make the money supply
a. increase, which tends to increase the value of money.
b. increase, which tends to decrease the value of money.
c. decrease, which tends to decrease the value of money.
d. decrease, which tends to increase the value of money.
B
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Refer to Table 2-9. What is Serena's opportunity cost of making a necklace?
A) 1/2 of a bracelet B) 1/2 of a necklace C) 3/4 of a bracelet D) 2 necklaces
If the marginal productivity of labor is constant for all levels of output, then the average productivity of labor
A) is constant. B) equals the marginal productivity of labor. C) Both A and B above. D) Either A or B above but not both.
For a firm in a perfectly competitive industry, the demand curve for its own product is
A) horizontal. B) vertical. C) upward sloping. D) downward sloping.
The economic question of what will be produced is
a. primarily answered by the government in a system of pure capitalism b. primarily answered by markets in a command economy c. faced by all economies regardless of their wealth d. does not have to be answered by economies possessing great wealth e. cannot be illustrated by the economic concept of the production possibilities frontier