In a simplified system where all banks have uniform reserve requirements and checkable deposits are the only form of money, the money multiplier is equal to 1 over the required reserve ratio
a. True
b. False
Indicate whether the statement is true or false
True
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Explain the process of logrolling
What will be an ideal response?
According to the textbook, the income elasticity of demand is:
A about the same in the short run and in the long run. B much smaller in the short run than in the long run. C much larger in the short run than in the long run. D is difficult to differentiate from the short run to the long run.
The marginal revenue product of an input is the marginal physical product times the price per unit of output under perfect competition.
Answer the following statement true (T) or false (F)
In the above table, if the marginal revenue product is $14, how many workers will the profit maximizing monopsonist hire?
A. 2 B. 3 C. 4 D. 5