Legal reserves are
A. vault cash plus Treasury notes.
B. funds that banks have on reserve with their district Federal Reserve Bank plus vault cash.
C. Treasury notes, vault cash, and demand deposits.
D. Treasury notes plus demand deposits.
B. funds that banks have on reserve with their district Federal Reserve Bank plus vault cash.
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Assume that firms in an oligopoly are currently colluding to set price and output to maximize total industry profit. If the government forces the oligopolists to stop colluding, the price charged by the oligopolies will ________ and the total output produced will ________.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
A price support directly sets the
A) amount of production. B) subsidy the government must receive from producers. C) equilibrium quantity. D) lowest price for which the good may be sold. E) highest price for which the good may be sold.
A common resource is used efficiently if
A) the output is maximized. B) marginal social benefit equals marginal social cost. C) marginal private benefit equals marginal private cost. D) marginal social benefit is maximized.
Federal taxes increased in 1932, 1935 and 1937, and Social Security taxes were imposed in 1937 . Which group is credited for these tax increases during the Great Depression?
(a) Classical economists (b) Keynesian economists (c) Monetarists (d) Government officials and special interest groups