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CLAYTON ACT: This antitrust law passed in 1914 outlawed specific practices designed to monopolize a market including price discrimination, exclusive agreements, tying contracts, mergers, and interlocking directorates. The Clayton Act was one of three major antitrust laws passed in the late 1800s and early 1900s. The other two were the Sherman Act and the Federal Trade Commission Act. The specific practices outlawed were designed to correct flaws of the Sherman Act, especially vague wording about what constituting a monopoly. Moreover, while the Sherman Act outlawed monopoly after it emerged, the Clayton Act made practices that gave rise to monopoly control illegal.

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Lesson 19: Money Creation | Unit 4: The Multiplier Page: 19 of 23

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  • That a multiplier captures the magnified relationship between deposit creation and extra bank reserves.
  • That the multiplier can be expressed with an equation: D = mR.
  • That the key to the deposit multiplier is required reserves and that the deposit multiplier is the inverse of the reserve ratio.
  • Other factors that influence the total amount of money created:
    • Banks keep excess reserves.
    • Money leaks out checkable deposits into savings deposits.
    • Customers keep some deposit-creating loans in cash.
  • That the Federal Reserve uses a complex money multiplier in trying to control the amount of money circulating in the economy.

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KEYNESIAN MODEL

A macroeconomic model based on the principles of Keynesian economics that is used to identify the equilibrium level of, and analyze disruptions to, aggregate production and income. This model identifies equilibrium aggregate production and income as the intersection of the aggregate expenditures line and the 45-degree line. The Keynesian model comes in three basic variations designated by the number of macroeconomic sectors included--two-sector, three-sector, and four sector. The Keynesian model is also commonly presented in the form of injections and leakages in addition to the standard aggregate expenditures format. This model is used to analyze several important topics and issues, including multipliers, business cycles, fiscal policy, and monetary policy.

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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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