Given the following information about Gotham Bank:
Gotham Bank is holding ________ in excess reserves.
A. $22,000
B. $12,000
C. $2,000
D. -$2,000
Answer: C
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Which economic concept is the closest to the saying, "There's no such thing as a free lunch"?
a. Specialization b. Unlimited wants c. Underutilization of resources d. Opportunity costs e. Overutilization of resources
Miniville is an isolated town located on the southern shore of Lake Condescending, a very large lake. The western edge of Miniville is adjacent to impassable mountains and there are no towns or businesses for many miles to the east. The 300 residents of Miniville are evenly distributed along 3 miles of shoreline on the lake, east of the mountains. Lake Shore Drive, the only street in town, provides access to Miniville's homes and businesses. All residents live between the lake and the street; businesses locate on the other side of the street. Lake Shore Drive is 3 miles long, and the points labeled A, B, and C are 1, 2, and 3 miles from the western end of Lake Shore Drive, respectively. All residents of Miniville shop at the store located closest to their homes. src="https://sciemce.com/media/4/ppg__rrr0818190951__f1q217g1.jpg" alt="" style="vertical-align: 0.0px;" height="117" width="538" />If one store is located at A and the other store is located at B:
A. exactly half of the people living west of B will shop at the store at B.
B. all of the people living between A and the mountains will shop at the store at A.
C. some, but not all, of the people living east of B will shop at the store at B.
D. exactly half of the people living east of B will shop at the store at B.
Refer to the above table. What does total product equal when 4 units of labor are used?
A) 1328 B) 332 C) 320 D) 960.
Betty and Ann live on a desert island. With a day's labor, Ann can produce 8 fish or 4 coconuts; Betty can produce 6 fish or 2 coconuts
Ann's opportunity cost of producing 1 coconut is ________ and she should specialize in the production of ________. A) 8 fish per coconut; fish B) 2 fish per coconut; coconuts C) 6 fish per coconut; coconuts D) 0 fish per coconut; coconuts