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Suppose the Federal Reserve increases the amount of reserves by $120 million and the total money supply increases by $600 million. Instructions: Enter your answers

Suppose the Federal Reserve increases the amount of reserves by $120 million and the total money supply increases by $600 million.

Instructions: Enter your answers as a whole number.

a. What is the money multiplier?

b. Using the money multiplier from part a, how much will the money supply change if the Federal Reserve increases reserves by $50 million?

$ million

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