Federal funds, by definition, are the
What will be an ideal response?
deposits that private banks hold on reserve at the Federal Reserve.
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Answer the following statement(s) true (T) or false (F)
1. A Paasche price index makes price changes seem better for the consumer than they really are. 2. A Laspeyres price index is based on the basket consumed in the later period.. 3. If the consumer has the same tax bill under a head tax as under an income tax, then the consumer will be indifferent between the two taxes. 4. If the consumer has the same tax bill under a head tax as under an income tax, then less leisure will be consumed under the head tax than under the income tax. 5. The cardinal utility approach has exactly the same implications as the indifference curve approach.
The oligopoly dilemma is whether to ________
A. act together to restrict output and raise the price B. raise the price to the monopoly profit-maximizing price C. cheat on others in the cartel to take advantage of profit opportunities D. lower the price to the perfectly competitive price
When the government imposes a payroll tax on workers,
A. the costs of hiring remain constant. B. the effects are identical to the effects had the government imposed the tax on employers. C. total employment remains constant. D. the labor supply curve shifts to the right. E. workers' real wages are unchanged.
When is the largest portion of tax paid by the consumer?
a. when demand is less elastic than supply b. when demand is more elastic than supply c. when demand and supply have an equal elasticity d. when demand and supply have fluctuating elasticity