The largest liability on the balance sheet of most banks is its
A) loans.
B) holdings of securities.
C) deposits with the Federal Reserve.
D) checking account and savings account deposits of its customers.
E) vault cash.
Answer: D
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The price elasticity of demand is usually equal to the slope of the demand curve
a. True b. False
Suppose an excise tax is imposed on product X. We would expect this tax to:
A. decrease the demands for both complementary good Y and substitute product Z. B. increase the demands for both complementary good Y and substitute product Z. C. increase the demand for complementary good Y and decrease the demand for substitute product Z. D. decrease the demand for complementary good Y and increase the demand for substitute product Z.
A nondiscriminating monopolist will find that marginal revenue:
A. is less than average revenue or price. B. is identical to price. C. exceeds average revenue or price. D. is sometimes greater and sometimes less than price.
The outcome of any free market is ultimately ________ because some people become very rich while others remain very poor.
A. equitable B. market failure C. efficient D. inequitable