A market where there is only one buyer for a good or service is called a monopoly.
Answer the following statement true (T) or false (F)
False
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A bank's assets consist of $1,000,000 in total reserves, $2,100,000 in loans, and a building worth $1,200,000 . Its liabilities and capital consist of $3,000,000 in demand deposits and $1,300,000 in capital. If the required reserve ratio is 10 percent, what is the level of the bank's excess reserves? How much money could the excess reserves be used to create in the banking system as a result?
a. $700,000; $700,000 b. $700,000; $7,000,000 c. $300,000; $300,000 d. $300,000; $3,000,000
Explain how monopsony might affect the market for labor.
What will be an ideal response?
The key assumption that accompanies the use of numbers for measuring utility is that:
A. people make consumption decisions. B. utility can be perfectly measured. C. utility cannot be measured by an outside party. D. individuals choose based on their preferences.
One's own personal gain
a. standard of living b. privatize c. economic system d. self-interest e. factor payments