What made the recession of 2007-2009 different than any other recession since the Great Depression?
A) the government did not implement a fiscal stimulus
B) the Fed failed to reduce interest rates
C) it was accompanied by a financial crisis
D) the impact was primarily limited to the financial sector
A
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If a bank does not have enough reserves, it can:
A. Buy bonds on the open market. B. Raise the interest rate it charges borrowers. C. Borrow reserves from the discount window. D. Make more loans.
Calling long distance is often more expensive on weekdays between 8 am and 5 pm than in the evening hours. Why is this the case?
A) Telephone companies hope to discourage customers from calling long distance during the day to keep their labor costs down. B) Businesses who must call suppliers or customers during business hours have few alternatives and therefore have an inelastic demand during the workday compared to after-work hours. C) The cost of making long-distance connections is higher during the day than in the evenings. D) Increasingly, businesses who must call suppliers or customers during business hours resort to the internet, thereby reducing demand for long-distance calls. To make up for this fall in demand, telephone companies charge higher rates.