100 percent reserve banking refers to a situation in which banks' reserves equal 100 percent of their:
A. income.
B. loans.
C. deposits.
D. profits.
Answer: C
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If a teachers' union negotiates the wage for all college professors, the market supply curve of college professors
a. is perfectly elastic everywhere b. is perfectly inelastic everywhere c. is horizontal and then it slopes upward d. is vertical and it slopes upward e. slopes upward and then becomes horizontal
Which of the following is an essential feature of any economic system?
a. absolute advantage b. the profit motive for producers c. a voting procedure for choosing leaders d. prices determine resource allocation e. scarce resources
The main reason why the economy's aggregate supply curve slopes upward is that
a. as the price level rises, businesses incur additional costs. b. businesses typically purchase labor and other inputs under long-term contracts that fix the cost of the input in money terms. c. as the price level rises, workers have higher real wages to spend for additional consumer goods. d. All of the above are correct.
What are the benefits of fair and efficient relationships with transactional customers?
a. Customers are more forgiving of the occasional service failure b. Good relations lead to repeat business c. Transactional customers may become strategic partners d. Increase complaints and damage reputation e. All of the above f. Only A, B, and C