The ________ rate is the interest rate at which the Fed lends ________ to depository institutions
A) discount rate; reserves
B) discount rate; gold
C) federal funds rate; deposits
D) federal funds rate; reserves
A
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Firms in Thailand that had ________ while the baht was pegged to the dollar faced interest payments that were higher than they had planned once the Thai government abandoned the peg because the baht had been pegged ________ the equilibrium exchange
rate for the baht. A) borrowed dollars; above B) borrowed baht; above C) borrowed baht; below D) borrowed dollars; below
Which of the following is NOT a necessary condition for oligopoly?
A) barriers to entry B) strategic dependence of firms C) differentiated products D) either a small number of firms or market dominance by a small number of firms
According to the income effect, when the price of automobiles rises, people buy fewer automobiles because:
A. they substitute other forms of transportation for driving. B. the nominal amount of their paychecks is smaller. C. the purchasing power of their income is reduced. D. their demand for automobiles is very elastic.
The underground economy means that GDP will overstate the actual level of economic welfare
Indicate whether the statement is true or false