Which of the following is a bank liability?
A. Reserve deposits at the Fed.
B. Loans made to customers.
C. Transactions account balances.
D. Securities the bank has purchased.
Answer: C
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Which of the following experiments will yield observations that would allow one to calculate the marginal physical product of labor?
A. Increase the number of lumberjacks with chain saws and observe the change in output of cut trees B. Increase the number of workers on an assembly line and record the change in output C. Increase the number of data entry operators and computers and calculate the extra output. D. Check the number of workers before and after a given time period.
Demand-pull inflation is caused by
A) aggregate demand increasing along an upward sloping or a vertical aggregate supply curve. B) aggregate demand decreasing along an upward sloping or a vertical aggregate supply curve. C) aggregate demand increasing along a horizontal aggregate supply curve. D) aggregate demand decreasing along a horizontal aggregate supply curve.
Suppose the capital gains tax is 28 percent and you purchased a house ten years ago for $80,000. If you sold the house today you would get $140,000. Your tax liability would be
A) $39,200. B) $16,800. C) indeterminate without knowing the inflation rate. D) indeterminate without knowing the personal income tax rate.
If a monopolist raises its price
A) it raises the barriers to entry. B) the quantity demanded increases. C) the quantity demanded remains the same. D) the quantity demanded decreases.