Jeff Kaufman decides to bank with Paris First National Bank (PFN). He opens a checking account by depositing $1,000 . According to the PFN balance sheet, after this initial $1,000 checkable deposit, there are $1,000 in:
a. reserves and $1,000 in checkable deposits.
b. liabilities and $2,000 in checkable deposits.
c. checkable deposits and $0 in assets.
d. assets and $0 in liabilities.
e. reserves and $0 in liabilities.
a
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If a recession in the United Kingdom causes a reduction in British imports and an economic boom in the United States causes an increase in U.S. imports, these events will most likely cause the British pound to ________ and the U.S. dollar to ________.
A. depreciate; depreciate B. appreciate; depreciate C. depreciate; appreciate D. appreciate; appreciate
Net utility is
A. equal to total utility from the quantity acquired of a good minus the utility lost by having to pay for it. B. equal to the sum of the marginal utilities. C. equal to an optimal number easily calculated by the consumer. D. always greater than total utility.
If the price of a good is zero, a rational consumer will
A) buy all of the units available. B) not consume the good at all since it must not be valuable if it has a zero price. C) stop consuming the good when marginal utility is zero. D) consume the good up to the point where total utility is just below zero.
The total income of households is
A. national income. B. personal income. C. net national product. D. production income.