1. Explain how the required reserve requirement can be used by the Fed to either expand or contract the money supply.
2. A) Using the formula given in the lecture, calculate how much the money supply would increase given an injection of $10 million with a required reserve ratio of 5%. B) Given the same data, how much would the money supply decrease if $10 million were taken out of the money supply with a 5% required reserve ratio?.
3. What 3 events turned an ordinary recession in 1929 into the Great Depression?
4. Ironically technological advancements have made bartering, which used to be an extremely inefficient exchange of values, more and more popular in the present day. Think of and identify four situations where present-day bartering becomes beneficial to both sides of the transaction.
5. Assume that you have 100 $1 bills. Assume also that I have 4 $100 bills. Explain why even though you have more paper money (100 pieces of paper), the value of my four pieces of paper is greater than yours.
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