ECN 102

1. What is the primary difference between the M2 and M1 measures of the money supply? - ANSWER assets in m1 are more liquid than m2 2. Suppose the reserve requirement in a fractional reserve banking system is 20%. If you took $100 of currency and deposited it in the bank, how much additional money could be created? - ANSWER $400 3. The purchase and sale of government bonds by the central bank refers to - ANSWER open market operations 4. If the Fed purchases government bonds, wh...

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ECN 102 Exam 1 Questions and Answers minimum wage - ANSWERS -may exceed equilibrium wage for the least skilled or experienced workers, causing structural unemployment unions - ANSWERS --A worker association that bargains with employers over wages, benefits, and working conditions -exert market power for higher wages -quantity of labor demanded falls and unemployment results efficiency wages - ANSWERS -firms voluntarily pay above-equilibrium wages to boost worker productivity why ...

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