Which of the following is a liability to a bank?
A) total reserves
B) transaction deposits
C) government securities
D) loans
Ans: B) transaction deposits
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The more bidders there are at a second-price auction,
a. the higher the expected selling price b. the higher each bidder bids c. the more each bidder will shade his bid d. the less each bidder will shade his bid
The ultimate effect of a reduction in the money supply is: a. a leftward shift of the aggregate demand curve
b. a rightward shift of the short-run aggregate supply curve. c. a movement upward along the aggregate demand curve. d. a movement downward along the aggregate demand curve. e. a movement upward along the short-run aggregate supply curve.
Which of the following is not a characteristic of long-run equilibrium in a monopolistically competitive market?
A) Selling price equals average total cost. B) Production is at minimum average total cost. C) Marginal revenue equals marginal cost. D) Selling price is greater than marginal cost.
World output will be maximized if each country
a. attempts to be self-sufficient b. specializes in producing those goods in which it has a comparative advantage c. specializes in producing those goods in which it has an absolute advantage d. reduces its consumption possibilities e. specializes in producing those goods for which it has the lowest demand