The amount that the bank is legally required to keep on hand is called the:
A. required reserves.
B. demand deposits.
C. federal funds.
D. reserve ratio.
A. required reserves.
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Which of the following displays these two characteristics: rivalry and nonexcludability?
A) a common resource B) a private good C) a public good D) a quasi-public good
In the factor payments approach, owners of land receive
a. wages b. user fees c. rent d. interest e. profit
Diminishing marginal product describes the situation where ______.
a. the minimum change in output per hour has been reached b. as a variable input increases, additions to output decline c. average cost savings per unit of output per hour are zero d. the marginal product curve crosses below zero
Suppose you are given the following data on demand for a product. The price elasticity of demand when price decreases from $9 to $7 is:PriceQuantity Demanded$1030940850760670
A. 1.60. B. 0.63. C. 2.27. D. 1.16.