The Depository Institutions Deregulation and Monetary Control Act of 1980 accomplished which one of the following reforms?
A. Established a uniform set of reserve requirements for all depository institutions.
B. Established maximum and minimum interest rates which depository institutions were permitted to pay on checkable deposits.
C. Shifted to the United States Treasury the responsibility for setting the discount rate.
D. Provided presidential veto power over setting reserve requirements.
A. Established a uniform set of reserve requirements for all depository institutions.
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Suppose the quantity of x is measured on the horizontal axis. If the income consumption curve is vertical, then the income elasticity of demand for x is
A) 0. B) 1. C) -1. D) There is not enough information to determine the income elasticity of demand for x.
Suppose you work for a government agency that is considering removing certain agricultural subsidies. The removal of these subsidies will increase the price, thus lowering consumers' welfare
Because only aggregate market data is available, you are unable to measure the exact values for the compensated and equivalent variation by consumer. However, you are able to estimate the change in market consumer surplus. Assuming agricultural products are normal goods, how does your estimate of consumer surplus compare to the unknown EV and CV? Explain. Under what conditions will the three measures of welfare be close to one another?