Any reserves that banks hold in excess of required reserves are called
A) excess reserves.
B) margin reserves.
C) federal reserves.
D) surplus reserves.
Ans: A) excess reserves.
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Labor productivity growth depends on i. saving and investment. ii. increases in human capital. iii. technological growth
A) i only B) ii only C) iii only D) Both ii and iii E) i, ii, and iii
The assumption that individuals do NOT intentionally make decisions that would leave them worse off is referred to as
A) the premium assumption. B) the law of comparative advantage. C) the rationality assumption. D) the law of demand.
The price elasticity of supply tells us:
A. the percentage change in quantity supplied when the price of the good changes by one percent. B. in which direction the quantity supplied changes as we move along the supply curve. C. how quickly the supply will respond to a change in price. D. the magnitude of shift in the supply curve in response to a change in price.
Product differentiation
A) may allow firms to price above a competitive level. B) generates value as consumers value more choices. C) depends on perceived differences between products. D) All of the above.