The oversimplified money multiplier formula, when the required reserve ratio is m, is
a. change in money supply = change in reserves × m.
b. change in money supply = (1/m) /change in reserves.
c. change in money supply = (1/m) × change in reserves.
d. change in money supply = m/change in reserves.
c
Economics
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If Noah thinks the last dollar spent on belts yields more satisfaction than the last dollar spent on socks, and Smith is a utility-maximizing consumer, he should
a. decrease his spending on socks. b. decrease his spending on socks and increase his spending on belts. c. increase his spending on belts. d. increase his spending on socks and decrease his spending on belts.
Economics
In terms of opportunity cost, ________ is the ultimate constraint
a. information b. education c. creativity d. time
Economics