As a result of an increase in the personal income tax rate, consumers are likely to

During the bank panics of the Great Depression the excess reserve ratio

A) increased sharply. B) decreased sharply. C) increased slightly. D) decreased slightly.

The purpose of the ceteris paribus assumption used in economic analysis is to:

A. Avoid making normative statements B. Distinguish macroeconomics from microeconomics C. Make sure that all relevant factors are considered D. Focus on the effect of a single factor on a certain variable