The above table gives the initial balance sheet for Mini Bank. If the bank's desired reserve ratio is 10 percent, how much does this bank have in excess reserves?
A) $60
B) $90
C) $40
D) $10
A
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Which of the following statements regarding price elasticity of supply and the length of time for adjustment is FALSE?
A) The longer is the time period for adjustment, the greater is the price elasticity of supply. B) The longer is the time period for adjustment, the less is the extent to which resources flow into (or out of) an industry through expansion (or contraction) of existing firms. C) The longer is the time period for adjustment, the greater is the extent to which entry or (exit) of firms increases or (decreases) production in an industry. D) The shorter the time period for adjustment, the greater is the price elasticity of supply.
Goods that are neither rival in consumption nor excludable are:
A. a common resource. B. a private good. C. a public good. D. an artificially scarce good.
A closed shop exists when the
a. employer is only permitted to hire union members b. union is the owner of the firm c. union members are not allowed to be hired d. employer can hire nonunion workers, but the workers must join the union within a certain time period e. firm goes bankrupt and workers lose their jobs
Those who view education as a sorting mechanism emphasize that employers value the
A. skills that people who attend college have already acquired before they enter college. B. docility and deference to authority learned in the classroom. C. analytic ability of the highly educated worker. D. work habits picked up in the home and school.