Any reserves held by a bank above the amount of minimum legal reserves are called
A. total reserves.
B. required reserves.
C. fiat money.
D. excess reserves.
Answer: D
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Suppose the quantity of money is greater than the quantity of money demanded. In the short run, what occurs to set the quantity of money equal to the quantity of money demanded?
What will be an ideal response?
A market structure in which many firms are selling an identical product is called
A) perfect competition. B) monopolistic competition. C) oligopoly. D) monopoly.
Refer to Table 3-2. The table above shows the demand schedules for caviar of two individuals (Ari and Sonia) and the rest of the market. If the price of caviar rises from $65 to $75, the market quantity demanded would
A) decrease by 52 oz. B) decrease by 36 oz. C) increase by 36 oz. D) increase by 52 oz.
Lines, ration coupons, and black markets are symptoms of a
a. price floor. b. price ceiling. c. free market. d. barter economy.