If an increase in income results in an increase in the quantity demanded for a product, the product is ________, and the value of the income elasticity of demand is ________.

The Taylor rule is an example of

A) an instrument rule focused on the monetary base. B) an instrument rule focused on the federal funds rate. C) an instrument rule based on M1. D) a targeting rule focused on the monetary base. E) a targeting rule focused on the federal funds rate.

The more excess reserves banks choose to keep,

A) the larger the deposit multiplier. B) the smaller the deposit multiplier. C) the lower the required reserve ratio. D) the higher the required reserve ratio.