A goldsmith has 100 gold coins in his safe and 100 receipts circulating. What is his reserve ratio?
What will be an ideal response?
100%
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The paramount goal of a firm is to
A) maximize profit. B) maximize sales. C) maximize total revenue. D) minimize costs. E) force its competitors into bankruptcy.
Historically, U.S. federal expenditures have ________ as a percentage of GDP
A) remained fairly stable B) increased dramatically C) slowly declined D) been extremely volatile
A reaction function is
A) companies colluding in order to make higher than competitive rates of return. B) the manner in which one oligopolist reacts to a change in price made by another oligopolist in the industry. C) a game in which firms will not negotiate in any way. D) when plans made by firms are known as game strategies.
Demand is inelastic if the price elasticity of demand is greater than 1
a. True b. False Indicate whether the statement is true or false