If the required reserve ratio was increased, then:
a. the money supply would tend to decrease, but the outstanding loans of banks would tend to increase.
b. both the money supply and the outstanding loans of banks would tend to decrease

A price floor is:

a. the lowest price a producer will accept. b. the lowest price a consumer will pay. c. a minimum price set by the government above equilibrium price. d. a maximum price set by the government above equilibrium price e. usually set equal to equilibrium price.

In a command economy, ________ establish(es) what will be produced and when, set(s) production goals, and make(s) rules for distribution.

A. only privately owned firms B. a centralized authority C. individuals and households D. individuals, households and privately owned firms