A guild is
A) an organization of producers that limits the amount of a good produced.
B) a nation that is a free-market benchmark.
C) a group of independent producers competing with each other.
D) a group of nations who agree not to compete with each other.
A
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A college student working in a minimum-wage job has a __________ opportunity cost of __________ than a college dean
a. lower; market work b. lower; leisure c. higher; market work d. higher; nonmarket work e. higher; leisure
Under the Bretton Woods system, a country with a balance of payments deficit
a. could get loans from the U.S. government. b. could devalue if deflationary policies failed to eliminate the deficit. c. was not allowed to devalue under any circumstance. d. was required to devalue its currency immediately.
Total surplus in a market does not change when the government imposes a tax on that market because the loss of consumer surplus and producer surplus is equal to the gain of government revenue
a. True b. False Indicate whether the statement is true or false
Bank A has $25,500 in required reserves. The required reserve ratio is 10 percent. Bank A has checkable deposits of
A) $2,550. B) $255,000. C) $2,550,000. D) $25,500.