An individual bank may legally loan out an amount equal to its __________.
Fill in the blank(s) with the appropriate word(s).
excess reserves
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Most people buy salt infrequently and in small quantities. Even a doubling of the price of salt is likely to result in a small decline in the quantity of salt demanded. Therefore
A) the price elasticity of demand for salt is greater than 1 (in absolute value). B) the demand for salt will be perfectly inelastic. C) salt is a normal good. D) the demand for salt is relatively inelastic.
In the simple Keynesian aggregate expenditure model, the equilibrium level of disposable income is achieved when:
a. the employment rate is equal to the labor force participation rate. b. saving equals investment c. aggregate expenditures exceed output. d. aggregate expenditures are equal to real disposable income.
Suppose the government imposes a tax on cheese. The deadweight loss from this tax will likely be greater in the
a. first year after it is imposed than in the eighth year after it is imposed because demand and supply will be more elastic in the first year than in the eighth year. b. first year after it is imposed than in the eighth year after it is imposed because demand and supply will be less elastic in the first year than in the eighth year. c. eighth year after it is imposed than in the first year after it is imposed because demand and supply will be more elastic in the first year than in the eighth year. d. eighth year after it is imposed than in the first year after it is imposed because demand and supply will be less elastic in the first year than in the eighth year.
Dishonesty in business dealings is called
a. fraud b. cheating c. theft d. corruption e. b, c, and d