Aggregate income equals:
a. total profits.
b. aggregate output.
c. aggregate expenditure.
d. b and c.
e. all of the above.
D
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Suppose Marquette Bank and Trust has $10 million in total deposits and the required reserve ratio is 7%. How many dollars must the bank keep in its vaults or on deposit at a Federal Reserve Bank?
A) $9.3 million B) $7 million C) $930,000 D) $700,000 E) None of the above—it's the bank's own choice.
Which of the following is a property of a public good?
a. A public good is free from externalities. b. Many individuals benefit simultaneously. c. A public good is not subject to free riders. d. A public good is established by law.
The median voter rule says that:
A. people "vote with their feet." B. the median voter will not bother to vote in the election, it is extremists who vote. C. the median voter never gets what he or she wants in an election. D. government decisions will reflect the preferences of the median voter.
The demand for an input will be more inelastic when
A) the demand for the product being produced is elastic. B) the cost of the input is a relatively large percentage of total production costs. C) the time period being considered is relatively long. D) it is difficult to substitute other inputs for this input.