An individual bank can create deposits to the extent of its __________.
Fill in the blank(s) with the appropriate word(s).
excess reserves
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During the 1987-88 expansion period interest rates in the United States rose as did the rate of investment in the economy. These facts suggest
A) the simple accelerator effect and the effects of higher interest rates complemented each other to raise output growth. B) the simple accelerator effect and the effects of lower interest rates complemented each other to lower output growth. C) the effects of the accelerator were greater than those of increased interest rates. D) the effects of the accelerator were smaller than those of increased interest rates.
The own-price elasticity of demand is defined as:
a. the ratio of a change in quantity demanded and the change in price. b. the ratio of the percentage change in quantity demanded to the percentage change in price. c. the ratio of the percentage change in quantity demanded to the percentage change in input prices. d. the ratio of a change in output and the change in input usage.