In the market for reserves, if the federal funds rate is above the interest rate paid on excess reserves, an open market sale ________ the supply of reserves causing the federal funds rate to ________, everything else held constant

A vehicle currency is:

a. contraband-it is used to smuggle other assets into controlled economies. b. a widely accepted, tradable currency that serves as a currency to use for buying or selling one's own. c. a currency whose value changes rapidly and erratically. d. a currency used to purchase imports of autos, buses, and other transportation equipment.

If the price elasticity of supply is zero, then

a. supply is more elastic than it is in any other case. b. the supply curve is horizontal. c. the quantity supplied is the same, regardless of price. d. a change in demand will cause a relatively small change in the equilibrium price.