Bottles of very fine wine are less liquid than demand deposits
a. True
b. False
Indicate whether the statement is true or false
True
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Resource use is allocatively efficient
A) when marginal benefit equals marginal cost. B) whenever marginal benefit exceeds marginal cost. C) whenever marginal cost exceeds marginal benefit. D) when the maximum possible quantity is being produced.
According to the search model, the marginal cost of acquiring information about a product
a. is greater for a doctor than a nurse's aide b. is the same for high-income consumers as for low-income consumers c. is greater for expensive items than for cheap items d. is greater for cheap items than for expensive items e. diminishes as more information is acquired
In order to make oil profits as large as possible, OPEC meets to set oil production quotas for its members. OPEC is best classified as a:
A. monopoly. B. cartel. C. a monopolistically competitive industry. D. price-leadership industry.
Suppose you deposit $2,000 into Bank of America and that the required reserve ratio is 10 percent. How does this affect the bank's balance sheet?
A) Reserves rise by $200. B) Required reserves rise by $2,000. C) Deposits rise by $1,000. D) Excess reserves rise by $1,800.