A monopoly is a firm that is the only seller of a good or service that does not have
A) a close complement. B) a close substitute.
C) a patent. D) a barrier to entry.
B
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If the required reserve ratio is 0.20, what is the maximum amount of money that can be created from a $5 million deposit in the banking system?
A. $25 million B. $50 million C. $5 million D. $20 million
Suppose that the absolute price elasticity of demand for hamburger is 1.15 and that the absolute price elasticity of demand for steak is 2.4. Then the absolute price elasticity of demand for beef will be
A) less than 1.15. B) more than 2.4. C) between 1.15 and 2.4. D) equal to 1.15.
When reserve requirements are increased, the
a. excess reserves of commercial banks will decrease. b. excess reserves of commercial banks will increase. c. U.S. Treasury will have to borrow additional funds. d. money supply will rise.
Which shifts the aggregate demand to the right?
A. Increase in government purchases B. Reduction in consumer spending. C. The selling of government securities by Fed Reserve Bank D. Downsizing of corporate investment spending