14. In December 1999, people feared that banks might be affected by computer problems as the century changed. Consequently, people wanted to hold relatively more in currency and relatively less in deposits. In anticipation, banks raised their reserve ratios to have enough cash on hand to meet depositors’ demands. These actions by the public:

14. In December 1999, people feared that banks might be affected by computer problems as the century changed. Consequently, people wanted to hold relatively more in currency and relatively less in deposits. In anticipation, banks raised their reserve ratios to have enough cash on hand to meet depositors’ demands. These actions by the public:
a. would increase the multiplier. If the Fed wanted to offset the effect of this on the size of the money supply, it could have sold bonds.
b. would increase the multiplier. If the Fed wanted to offset the effect of this on the size of the money supply, it could have bought bonds.
c. would reduce the multiplier. If the Fed wanted to offset the effect of this on the size of the money supply, it could have sold bonds.
d. would reduce the multiplier. If the Fed wanted to offset the effect of this on the size of the money supply, it could have bought bonds.

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