If reserves increase by $7 million and the required reserve ratio is 12%, what is the resulting change in checkable deposits (or the money supply), assuming that there are no cash leakages and that banks hold zero excess reserves?

A duopoly is

a. a cartel in which all members try to cheat on the cartel. b. an industry with only two sellers. c. an industry with only two buyers. d. a cartel with only two members.

The seven members of the Board of Governors of the Federal Reserve System are:

A. appointed by the president with the confirmation of the Senate. B. elected by Congress from a slate of nominees provided by the president. C. appointed by the Senate Finance Committee. D. appointed by the presidents of the 12 Federal Reserve Banks.