The key to understanding changing organizational architecture is that
A. it is costless.
B. there are only indirect costs.
C. there are only direct costs.
D. there are direct and indirect costs.
Answer: D
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Suppose that, for every 1 percentage point decline of the discount rate, commercial banks collectively borrow an additional $2 billion from Federal Reserve Banks. Also assume that the reserve requirement is 20%. If the Fed increases the discount rate from 4.0% to 4.25%, bank reserves will ________.
A. increase by $0.75 billion and the money supply will increase by $3.75 billion B. increase by $1 billion and the money supply will increase by $5 billion C. decline by $0.5 billion and the money supply will decline by $2.5 billion D. increase by $0.5 billion and the money supply will increase by $2.5 billion