The Fed has control over bank reserves and complete control over the money supply
a. True
b. False
Indicate whether the statement is true or false
False
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The marginal product of capital (MPK) measures ________
A) by how much output increases for each additional unit of capital B) by how much capital increases for each additional unit of output C) by how much capital increases for each additional unit of labor D) by how much total factor productivity increases for each additional unit of capital E) none of the above
The short-run supply curve of the perfectly competitive firm is the firm's
a. MC curve. b. AVC curve. c. MC curve above the minimum point on the AVC curve. d. MC curve above the minimum point on the ATC curve.
If the supply of a good is relatively elastic, this means that the quantity supplied of the good is
a. not very sensitive to the price of the good. b. highly sensitive to the price of the good. c. unrelated to the price of the good. d. none of the above.
The slope of a budget line reflects the:
A. desirability of the two products. B. price ratio of the two products. C. amount of the consumer's income. D. utility ratio of the two products.