The largest liability item in the Federal Reserve Banks' consolidated balance sheet (as illustrated in the book, for April 2013) is:
A. Treasury deposits
B. Federal Reserve Notes
C. Reserves of commercial banks
D. Loans to commercial banks
C. Reserves of commercial banks
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Based on opportunity cost, where would one expect to have the most difficulty finding a teenager to baby-sit?
A) A high-income area with lots of teenagers B) A low-income area with lots of teenagers C) A middle-income area with lots of teenagers D) Any income area because teenagers no longer like babysitting
Refer to Figure 2-9. What is the opportunity cost of producing 1 popsicle in Iceland?
A) 1 1/2 snow cones B) 3/4 of a snow cone C) 2/3 of a snow cone D) 270 snow cones
An economic model is a(n)
a. philosophical inquiry b. set of numbers that describe a firm (e.g., profits and assets) c. abstract representation of reality d. concrete representation of reality e. ideal to which economic entities are compared
Technological progress shifts the long-run aggregate supply curve to the right
a. True b. False Indicate whether the statement is true or false