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Macroeconomics Final exam Review1.Federal Reserve Notes in circulation are: 2.Which of the following will increasecommercial bank reserves? 3.When a commercial bank borrows from a Federal Reserve Bank: 4.The Federal Reserve Banks sell government securities to the public. As a result,the checkable deposits:5.The Federal Reserve Banks buy government securities from commercial banks. As a result, the checkable deposits:6.The commercial banking system borrows from the Federal Reserve Banks. As aresult, the checkable deposits:7.Which of the following is a tool of monetary policy? 8.Commercial banks and thrifts usually hold only small amounts of excess reservesbecause: 9.Tariffs: 10.An excise tax on an imported good that is not produced domestically is called a:11.An excise tax on an imported good that is also produced by domestic firms is called a:12.Country A limits other nation's exports to Country A to 1,000 tons of coal annually.This is an example of a(n):
13.Studies show that: 14.Research studies indicate that: 15.A high tariff on imported good X might reduce domestic employment in industry Yif: 16.The increased-domestic-employment argument for tariff protection holds that: 17.Which of the following arguments comes closest to constituting a legitimate economicexception to the case for free trade? 18.The infant industry argument for tariffs is criticized: 19.In terms of aggregate supply, the differencebetween the long run and the short run is that in the long run: 20.The long-run aggregate supply curve is vertical: at the same rate as real GDP. 21.