The Federal Reserve System is divided into how many districts?
A) 1
B) 5
C) 7
D) 12
D
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Suppose the proportion of deposits that individuals wish to hold as cash were to rise from 5% to 10%. Then,
A) the money supply will rise because people have more cash. B) bank deposits will fall by the same amount as if the reserve-holding ratio had risen by 5 percentage points. C) the supply of high-powered money will rise because cash has risen. D) the money supply will change by the same amount as if the reserve-holding ratio had risen by 5 percentage points.
See Scenario 4.5. The Engel curve for grilled cheese sandwiches is:
A) downward sloping. B) horizontal. C) upward sloping. D) none of the above
Which of the following is not a finding of Cox and Alm regarding the gap between rich and poor?
a. The gap shrinks if taxes are taken into account. b. The gap shrinks if consumption, rather than income, is compared. c. The gap shrinks if the number of people in the household is taken into account. d. The gap shrinks if the state of residence is taken into account.
Verizon has a monopoly over local telephone service. If Verizon is producing where marginal revenue is greater than marginal cost, the firm
A. is maximizing profits. B. must be earning zero profit. C. could increase profits by increasing output. D. could increase profits by reducing output.