Which of the following is an administered interest rate set by commercial banks?
A) The discount rate
B) The federal funds rate
C) The prime rate
D) The commercial paper rate
C
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The income elasticity of demand is
A) positive for a normal good. B) zero for an inferior good. C) less than one for an income elastic normal good. D) Only answers A and B are correct. E) Answers A, B, and C are correct.
Based on the information shown in Exhibit 3, how much food can Calvin produce in one day using all of his resources?
a. 3-3/4 pounds
b. 3 pounds
c. 2-1/4 pounds
d. 3/4 pounds
Exhibit 1A-8 Straight line relationship
For the relationship shown in Exhibit 1A-8, suppose the price of hamburgers increases and hamburgers are a substitute for pizza. What change would occur on the graph?
A. There will be a movement upward and to the left along the curve. B. There will be a movement downward and to the right along the curve. C. The curve will shift. D. The slope of the curve will become steeper.
Marginal benefit is equal to the ________ benefit a consumer receives from consuming one more unit of a good or service
A) total B) unintended C) additional D) surplus