Labor demand is considered a derived demand because producers do not demand labor for itself but only because labor is used to produce output that consumers desire
Indicate whether the statement is true or false
TRUE
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If the required reserve ratio is .10, demand deposits are $200 million, and total reserves are $40 million, then excess reserves are
A) $20 million. B) $40 million. C) $400 million. D) $2,000 million.
Variable costs are
A) a production expense that does not vary with output. B) a production expense that changes with the quantity of output produced. C) equal to total cost divided by the units of output produced. D) the amount by which a firm's cost changes if the firm produces one more unit of output.
Money market mutual funds are funds pooled by
A) a group of people to buy shares of stocks. B) a group of people to buy stock market funds. C) a group of people to buy short maturity credit instruments. D) a group of people to buy U.S. Treasury bonds.
A price floor is a legal minimum on the price at which a good or service can be sold
a. True b. False Indicate whether the statement is true or false