A seller is willing to sell a product only if the seller receives a price that is at least as great as the
a. seller's producer surplus.
b. seller's cost of production.
c. seller's profit.
d. average willingness to pay of buyers of the product.
b
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In a one-period economic model, the government budget constraint requires that government spending
A) = taxes + transfers. B) = taxes + borrowing. C) > 0. D) = taxes.
Any amount that a bank chooses to keep on hand beyond what it is required to is called:
A. extra holdings. B. excess reserves. C. federal funds. D. excess deposits.
Refer to Table 9-5. The required reserve ratio is 10%. By how much could the banking system ultimately increase the money supply if all excess reserves are loaned out, people never withdraw cash, and all loan proceeds are spent?
A) $30 million B) $70 million C) $300 million D) $700 million
Stock market bubbles are
A. occurring every 3 to 5 years. B. an everyday experience. C. fiction. D. rare but do occur.