Bank of Roseland has $700 million in deposits. The required reserve ratio is 15%. Bank of Roseland must keep ________ in reserves.
A. $55 million
B. $85 million
C. $105 million
D. $140 million
Answer: C
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The process involved in bringing oil to world markets can take years. Substitutes for oil-based products such as gasoline are limited. As a result
A) the supply of oil is very inelastic and the demand for gasoline is inelastic over short periods of time. B) the supply of oil is very elastic and the demand for oil is very elastic over short periods of time. C) the supply of oil and the demand for oil shift to the right over short periods of time. D) the supply of oil and the demand for oil are both perfectly elastic over short periods of time.
Horizontal equity is a difficult concept to implement because
a. it is difficult to determine how unequally unequals should be treated. b. it is difficult to measure ability to pay. c. it is difficult to determine which people are equally situated. d. people object to the use of absolute tax liability instead of percentage of income.
Figure 15-1
Figure 15-1 portrays conditions in the monopolized weezil industry. From the diagram, the production of weezils
A. must cause a detrimental externality. B. must cause a beneficial externality. C. must cause either a detrimental or a beneficial externality, more information is needed to determine which one. D. may or may not cause an externality.
Most economists consider the case for jawboning to control inflation is strongest when this policy is used:
A. for an extended period of time. B. in combination with a credible threat against a firm's profits. C. by a president who has no credible threat against a firm's profits. D. to increase the minimum wage.