Employing the data from Figure 2-2, income Y is equal to
A) $3,000,000.
B) $3,300,000.
C) $3,600,000.
D) $5,100,000.
B
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A bank reports reserves of $100,000, government securities of $250,000, loans of $750,000, checkable deposits of $900,000, and owners' equity of $200,000
The desired reserve ratio is 10 percent and the bank wants to hold as reserves only the amount it is required to hold. What is the amount of excess reserves for this bank? Show your work.
At a price of $20, Daphne sells 35 hand-painted dog collars per week. When she raised her price to $25, she sold 28 per week. Based on this information, the demand for her dog collars is
A) perfectly elastic. B) inelastic. C) elastic. D) unit elastic.
If an economic curve has a negative slope, then one variable
a. falls as the other rises. b. changes at a slower rate than another. c. has a smaller value than another. d. changes after another variable.
The Law of Demand states that, other things being constant, when the price of a good increases then:
(a) Demand decreases. (b) Demand increases. (c) The quantity demanded decreases. (d) The quantity demanded increases.