Any amount that a bank chooses to keep on hand beyond what it is required to is called:

When aggregate demand declines, the price level may remain constant, at least for a time, because:

A. firms individually may fear that their price cut may set off a price war. B. menu costs rise. C. price cuts tend to increase efficiency wages. D. product markets are highly competitive.

If the Federal Reserve is to be independent, then the quantity of securities it purchases is determined by:

A. Congress. B. the Federal Reserve itself. C. the amount the public does not want to purchase at the going price. D. the Treasury.