Reserves are ________
A) gold in a bank's vault plus its gold at Federal Reserve banks
B) cash in a bank's vault plus its deposits at Federal Reserve banks
C) cash in a bank's vault plus its gold at Federal Reserve banks
D) cash in a bank's vault plus the cash carried by its customers
B
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If an economy cannot produce more of one good without producing less of another good, this implies that which of the following has been achieved?
A) allocative efficiency B) minimum marginal cost C) PPF efficiency D) production efficiency E) maximum marginal benefit
Because the amount of labor a firm employs can be changed, the cost of labor is known as
A) minimum cost. B) variable cost. C) maximum cost. D) fixed cost. E) an unavoidable cost.
Elisa Kilhafer, a housewife in St. Louis, Missouri, who claims on a Bureau of Labor Statistics (BLS) survey that she is neither gainfully employed nor looking for work, is, according to the BLS:
a. considered retired. b. counted as unemployed. c. considered reemployable. d. counted as a member of the labor force. e. not counted as a member of the labor force.
The market process is
A) governmental. B) institutional. C) dynamic. D) all of these choices.