Bank reserves that exceed the reserve requirements set by the central bank are called:
A. total reserves
B. legal reserves
C. required reserves
D. excess reserves
Answer: D
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The president of which Federal Reserve bank is always a voting member of the Federal Open Market Committee?
A) Philadelphia B) Boston C) Chicago D) New York
A firm's demand for labor depends on, in part, the demand for the firm's product. To summarize this idea, economists say that the demand for labor is:
a. derived demand. b. marginal demand. c. secondary demand. d. monopsonistic demand.
Regulation of a firm in a monopolistically competitive market
a. usually implies a very small administrative burden. b. will lower the firm's costs. c. is commonly used to enhance market efficiency. d. is unlikely to improve market efficiency.
Voluntary exchange is based on the principle that all parties must gain from trade.
Answer the following statement true (T) or false (F)