If the income effect of a wage increase equals the substitution effect, the labor supply curve is horizontal at the equilibrium wage

Refer to the scenario above. The nominal GDP of the country in Year 1 was ________

A) $280,000 B) $2,200,000 C) $1,400,000 D) $540,000

A key reason that Congress established the Fed to act as a lender of last resort was to prevent ________, the process by which a run on one bank spreads to other banks, resulting in a bank panic

A) contagion B) asset inflation C) moral hazard D) bailouts