Actual reserves are equal to required reserves plus excess reserves
Indicate whether the statement is true or false
T
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Unlike perfectly competitive firms, monopolists can
a. earn positive short-run economic profit even if price is less than average variable cost at all rates of output b. sell any quantity of output at any price they choose c. earn long-run economic profits d. reduce the sales of other firms in the industry through advertising e. face a perfectly elastic demand curve
Which of the following statements best describes the relationship between productivity and average levels of unemployment?
a. Average levels of unemployment will tend to be somewhat lower on average when productivity is unexpectedly low and, conversely, will tend to be somewhat higher on average when productivity is unexpectedly high. b. Average levels of unemployment will tend to be somewhat higher on average when productivity is unexpectedly high and, conversely, will tend to be somewhat lower on average when productivity is unexpectedly low. c. Average levels of unemployment will tend to be somewhat higher on average when productivity is unexpectedly low and, conversely, will tend to be somewhat lower on average when productivity is unexpectedly high. d. Average levels of unemployment are not related to levels of productivity.
When the rate of growth of per capita income of poorer countries is higher than that of richer countries, it leads to economic convergence
a. True b. False Indicate whether the statement is true or false
A higher expected price level would shift the short-run aggregate supply curve to the left, and a lower expected price level would shift the short-run aggregate supply curve to the right.
Answer the following statement true (T) or false (F)