Which of the following most accurately describes what the text says about mercantilists?
a. They tried to build up the military power of their economies.
b. They tried to produce full employment.
c. They confused gold and silver with true wealth.
d. They were merely spokesmen for special interest groups.
c. They confused gold and silver with true wealth.
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If a bank's deposits at the Fed increase by $10 million, then
A) both the bank's liabilities and the Fed's liabilities increase by $10 million. B) the bank's assets increase by $10 million, but there is no change at the Fed since it does not really have assets or liabilities. C) the bank's assets increase by $10 million and the Fed's liabilities increase by $10 million. D) both the bank's assets and the Fed's assets increase by $10 million.
Which of the following can a firm do in the long run but not in the short run?
A) decrease the size of its physical plant B) reduce its rate of output by laying off workers C) increase its use of raw materials D) increase its variable costs
U.S. government regulation of social and economic activity
A. has increased steadily since 1970. B. is confined to antitrust law. C. only began after World War II. D. costs less now than it did in the 1980s.
If banks do not have enough reserves to satisfy the reserve requirement, they can
A. Lend additional reserves in the federal funds market. B. Buy securities. C. Sell securities. D. Pay off discount loans at the Federal Reserve bank.