When banks hold excess reserves, the size of the money multiplier

a. is less than the simple deposit multiplier would suggest.

b. is greater than the simple deposit multiplier would suggest.

c. is equal to the size of the simple deposit multiplier.

d. becomes infinite.

(4 points) suppose the production function in the solow model is given by yt = ak¯ 3/4 t l 1/4 t . (a) what are the five equations and five unknowns that summarize the solow model? (b) show the transition dynamics in the solow model if ¯sy0 < ¯dk0. make sure you label the axes, curves, initial level of capital and steady-state level of capital. (c) solve for capital, output, capital per person, and output per person in the steady state. (d) if a¯ = 2, l¯ = 4, ¯s = 0.2, and ¯d = 0.05, calculate the steady-state level of capital and output per person.

When an interest-bearing note comes due and is uncollectible, the journal entry includes debiting

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