Excess reserves
A. Are loans made at above market interest rates
B. Are reserves banks keep above the legal requirement
C. Are reserves banks keep to meet the reserve requirement
Ans: B. Are reserves banks keep above the legal requirement
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When Lionel, an orange grower, hires Terry, Terry's marginal physical product per hour is 9 bushels of oranges. The price is $5 per bushel and the hourly wage rate is $55 . We know then that
a. orange growing is a profitable business b. Terry creates a division of labor that adds not only output but profit for Lionel c. the labor market is not competitive because price and the wage rate are not the same d. Lionel should not have hired Terry e. Terry's marginal revenue product is greater than the wage rate
A "universal bank"
a. has branches in many countries. b. the same as a U.S. commercial bank. c. performs both traditional banking and merchant-banking functions. d. none of the above. e. all of the above
Suppose the price of an apple is $0.75, and the price of a banana is $0.50. If Hugh is maximizing his utility, and his marginal utility from consuming an apple is 24 utils, then his marginal utility from consuming a banana must be:
A. 32 utils. B. 16 utils. C. 12 utils. D. 36 utils.
If a monopolist can sell 20 units at price of $200 per unit and 30 units at a price of $180 per unit, its marginal revenue at an output of 30 is
A) $-200. B) $800. C) $1400. D) $1800.