By changing its regulations, the Fed ___ force the banking system to increase the money supply; by changing its regulations, the Fed ____ force the banking system to decrease the money supply:
a. Can; can
b. Can; cannot
c. Cannot; can
d. Cannot; cannot.
c
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As a person's wage rate increases, the substitution effect motivates an increase in work and the income effect motivates a decrease in work
Indicate whether the statement is true or false
Managers are at the heart of the market process
Indicate whether the statement is true or false
The short-run Phillips curve is based on the assumption of: a. a direct relationship between the inflation rate and unemployment. b. an inverse relationship between the inflation rate and unemployment. c. no relationship between the inflation rate and unemployment
d. a permanent trade-off between the inflation rate and unemployment.
If the price of potatoes is reduced, consumers likely:
a. significantly more potatoes b. significantly fewer potatoes c. roughly the same quantity of potatoes d. an unknown quantity of potatoes; in this situation, consumers' actions cannot be predicted