To fight against the high rate of inflation, the Fed typically uses __________ monetary policy; and to speed up the economy, the Fed typically uses __________ monetary policy.

Group of answer choices

expansionary; expansionary

expansionary; contractionary

contractionary; contractionary

contractionary; expansionary

According to the equation of exchange, if the money supply is $700 million, real GDP is $1,600 million, and nominal GDP is $3,220 million, then the velocity of money is equal to:

Group of answer choices

3.5

2.01

2.29

5

4.6

The Springfield Bank has total deposits of $13.5 million and total reserves of $2.2 million. The required reserve ratio is 11 percent. The Springfield Bank has excess reserves of

Group of answer choices

$715,000.

$1,485,000.

$1,243,000.

$1,512,000.

$11,300,000.