If Y and V are constant and M doubles, the quantity equation implies that the price level

The Fed conducts an open market operation and increases a bank's excess reserves by $2,000

Explain the first five rounds of the money creation process if the desired reserve ratio is 25 percent and if people keep no currency outside of the banking system.

Externalities are fundamentally the result of

a. the absence of competition in a market. b. the lack of well-defined or enforced property rights. c. poor information on the part of consumers. d. the presence of significant comparative advantages in production.