18. Assuming, in a two-period model, that the nominal wage rate increases from $10/hour to $15/hour； the expected price level increases from I to 3； and the actual price level increases from 4 to 5, we can deduce that (A) nominal wage rate decreases. (B) expected real wage rate increases. (C) actual real wage rate increases. (D) All of the above are correct.

14. If a local bank decides to convert some of its U.S. Treasury securities into cash, which it will hold in its vault, what impact will this have on the bank's balance sheet? (A) Reserves would increase, liabilities would stay the same, and owner's equity would decrease. (B) Reserves would increase, lhabilities would stay the same, and owner's equity would increase. (C) Reserves would decrease, liabilities would decrease, and owner's equity would decrease. (D) Reserves would decrease, liabilities would stay the same, and owner's equity would decrease.

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