An increase in the discount rate
A) increases the cost of reserves borrowed from the Fed.
B) signals the Fed's desire to increase the money supply.
C) signals the Fed's desire to lend increased reserves to banks.
D) reduces the cost of reserves borrowed from the Fed.
A
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The referendum version of the median voter model concludes that _____
a. by decreasing output slowly, the median voter will adjust her preferences to those of the ballot organizer b. by increasing output slowly, the median voter will adjust her preferences to those of the ballot organizer c. the outcome preferred by the median voter will be chosen by unanimity d. the outcome preferred by the median voter will be chosen by majority rule
Carefully define the following terms and explain their importance
a. variable b. ray c. slope d. contour map
Which of the following statements is true about the demand for and/or the supply of natural resources?
a. The supply curve for natural resources is more elastic in the long run than in the short run. b. The elasticity of demand for electricity, natural gas, and gasoline equals approximately 0.1 in both the short run and the long run. c. Natural resources are demanded by consumers and producers in steadily growing amounts, so future shortages are inevitable. d. The supply of many natural resources is finite; thus the long-run elasticity of supply must be zero.
An increase in the supply of corn will lower the total revenue from corn if
A) the demand curve for corn is inelastic between the current and new price of corn. B) the demand curve for corn is elastic between the current and new price of corn. C) there are many substitutes for corn. D) there are only a few substitutes for corn. E) none of the above