In the market for reserves, if the federal funds rate is above the interest rate paid on excess reserves, an open market purchase ________ the ________ of reserves which causes the federal funds rate to fall, everything else held constant

If a price decrease results in no change in seller's total revenue then

a. supply determined demand b. supply is unresponsive to demand c. demand is elastic d. demand is inelastic e. demand is unitary elastic

Countercyclical fiscal policy is viewed by most economists

a. as the perfect instrument for preventing boom and bust economies b. as a useful but imperfect instrument for reacting to boom and bust economies c. having no impact in the short run or long run. d. doing more damage than good in both the short run and long run. e. as having an impact only in the long run.