Total bank reserves equal
A) checkable deposits + vault cash + traveler's checks.
B) vault cash + currency in the hands of the nonbanking public.
C) bank deposits at the Federal Reserve.
D) bank deposits at the Federal Reserve + vault cash.
D
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Van, whose utility of wealth curve is shown in the above figure, owns a home that is valued at $100,000. There is a 10 percent chance that the house will be destroyed by hurricane. The value of insurance to Van is
A) $10,000. B) $15,000. C) $20,000. D) $30,000.
Suppose the price elasticity of supply for minivans is 0.3 in the short run and 1.2 in the long run. If an increase in the demand for minivans causes the price of minivans to increase by 5%, then the quantity supplied of minivans will increase by about
a. 1.5% in the short run and 6% in the long run. b. 6% in the short run and 1.5% in the long run. c. 16.7% in the short run and 4.2% in the long run. d. 4.2% in the short run and 16.7% in the long run.
The game in the figure shown is a version of:
A. the prisoner's dilemma. B. a sequential game. C. a repeated game. D. the first-mover advantage.
The profit maximizing rule P = MC applies to:
A. both perfectly competitive firms and imperfectly competitive firms. B. all firms. C. perfectly competitive firms only. D. monopolists only.