The basic equation for a bank’s balance sheet is ____.
A. assets = liabilities ? net worth
B. net worth = assets ? liabilities
C. net worth = assets + liabilities
D. liabilities = net worth + assets
Answer: B
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The price of a bus ride decreases, and the total revenue of the bus company decreases. The demand for bus rides is ________
A) perfectly elastic B) inelastic C) unit elastic D) elastic but not necessarily perfectly elastic
Profit is the excess of revenue over and above payment for
a. wages. b. rent. c. interest. d. all costs of production.
The most commonly used notion of economic efficiency originated in the writings of:
A. John Nash. B. Kenneth Arrow. C. Gerard Debreu. D. Vilfredo Pareto.
Suppose a perfectly competitive market results in a long-run equilibrium price of $8 and quantity of 500. If this same market were a monopoly, which of the following price and quantity combinations would be the most likely?
A. Price: $10, Quantity: 350 B. Price: $8, Quantity: 500 C. Price: $6, Quantity: 650 D. Price will equal marginal revenue and quantity will be found where marginal revenue equals marginal cost.