The relationship between borrowed reserves (BR), the nonborrowed monetary base (MBn), and the monetary base (MB) is

Economists who believe that the 1995-2012 rise in the average rate of productivity growth may be long lasting claim that the above-normal economic growth in the United States between 1995 and 2012 was caused by:

A. increases in the rate of personal saving. B. increased entrepreneurial activity, application of information technology, and global competition. C. rising federal budget surpluses that reduced real interest rates. D. expansionary monetary policy.

Joe consumes 48 units of food and 12 units of clothing. If food is an inferior good:

A. Joe would strictly prefer receiving $10 in cash to receiving a $10 gift certificate at a clothing store. B. Joe would strictly prefer receiving a $10 gift certificate at a clothing store to receiving $10 in cash. C. upon receiving a $10 gift certificate at a clothing store, Joe would consume less clothing and more food. D. Joe would be indifferent between receiving a $10 gift certificate at a clothing store and receiving $10 in cash.