Total reserves are
A) required reserves plus vault cash.
B) required reserves plus excess reserves.
C) required reserves.
D) excess reserves.
B
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The figure illustrates the demand for peanuts. If the price falls from $12 to $9 a bag, total revenue will ________, and if the price rises from $3 to $6 a bag, total revenue will ________
A) increase; decrease B) increase; increase C) decrease; increase D) decrease; decrease
You have an absolute advantage whenever you
A) are better educated than someone else. B) can produce something at a lower opportunity cost than others. C) prefer to do one particular activity. D) can produce more of something than others with the same resources.
A major problem with the negative income tax is that
a. low tax rates imply low break-even incomes. b. low tax rates imply high break-even incomes. c. high tax rates imply low minimums. d. All of the above are correct.
Since a tax imposed on buyers of a product only affects demand, such a tax has no impact on sellers in that market
a. True b. False Indicate whether the statement is true or false