Any bank reserves over and above the level of required reserves are known as
a. federal funds.
b. discounted reserves.
c. excess reserves.
d. surplus reserves.
c. excess reserves.
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Based on the figure below. Starting from long-run equilibrium at point C, an increase in government spending that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ creating _____gap. 
A. D; an expansionary B. B; no output C. B; expansionary D. A; a recessionary
The income elasticity for cars is high. During the late 1960s, some U.S. citizens experienced a decrease in their real incomes. Consequently, they purchased
(a) more expensive U.S. cars. (b) more foreign imports due to their relatively low costs. (c) used U.S. cars in order to avoid foreign imports. (d) U.S. cars of any type to avoid foreign imports.
Which of the following would shift the short-run Phillips curve to the left?
a. a positive supply shock b. an increase in inflationary expectations c. an negative supply shock d. either (a) or (c)
If MR = MC, a monopolist should:
A. stop producing. B. maintain the same level of production. C. decrease production. D. increase production.