Refer to Figure 4-20. The equilibrium price in the market before the tax is imposed is

"To count as required reserves, the reserves must be on deposit at the bank's district Federal Reserve Bank." Is the previous statement correct or incorrect?

What will be an ideal response?

The equilibrium level of GDP is the level at which

a. aggregate demand exceeds output. b. aggregate demand equals output. c. aggregate demand is less than output. d. inventories are being depleted to meet demand.