Suppose a bank has $100,000 in checking account deposits with no excess reserves and the required reserve ratio is 5 percent. If the Federal Reserve lowers the required reserve ratio to 3 percent, then the bank will now have excess reserves of

From 1929 to 1993, the first four years of the Great Depression, U.S. output dropped by more than

a. 10 percent b. 80 percent c. 5 percent d. 50 percent e. 25 percent

When there is a labor union, the labor supply curve is

a. a horizontal line at the desired wage b. positively sloped c. negatively sloped d. a vertical line at the desired level of employment e. backward bending