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  A bank’s liabilities are the  

  The need to study economics would cease to exist if  

  Which scenario represents economic contraction?  

  A price maker is a firm that  

  What does it mean for the Federal Reserve Bank (Fed) to be the “lender of last resort”?  

  In economics, decisions are necessary because ________ are scarce, while ________ are practically unlimited.  

  An initial increase in government spending of $100 billion can create more than $100 billion of spending throughout the economy by what economists call the __________ effect.  

This is the most important question to answer on the exam!  Please scan or take a picture of your handwritten work with a phone or device. This upload must be a single PDF file. Airdrop or email it to yourself and cc: your teacher.    Find the file in your computer’s file explorer when you click “Choose a File”. (Do not drag and drop.) If you have trouble, please connect to Honorlock support by clicking the blue button with the speech bubble. They will help and document your attempt to correct the situation. Tell the support agent you are done with the test and are having trouble submitting your work. They will help you momentarily bypass the blocking program Honorlock uses to get your file uploaded properly. Remember: You are expected to make every effort to turn your work in before the exam closes. If your work is not uploaded during the exam, your teacher will contact you. If you know that there was a problem, email your teacher immediately and describe the situation and the steps that you took to correct it. Your teacher will consult the recording and Honorlock Support Log. Your proactivity and ability to explain your actions will ensure that the instance is not viewed as an Honor Code violation. All questions are required to show work to support your answer.  Correct answers with no supporting work will only receive HALF credit.  No exceptions will be made.

  To increase the money supply, the Federal Reserve could  

Deflation typically occurs when