Which of the following is the relationship among excess reserves, required reserves, and total reserves?
a. total reserves = required reserves - excess reserves
b. excess reserves = total reserves/required reserves
c. total reserves = excess reserves + required reserves
d. total reserves = excess reserves - required reserves
e. excess reserves = required reserves - total reserves
C
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In the monopolistic competition model, firms earn zero economic profits in long-run equilibrium
a. True b. False Indicate whether the statement is true or false
In some countries, medical care is provided free-of-charge to citizens and is paid for by the government. In those countries, medical care:
A. is available at zero opportunity cost. B. does not exhibit diminishing marginal returns. C. is rationed by some non-monetary method. D. is not a scarce resource.
In 2004, retailers and exporters in the United States were happy, as were their customers from abroad, due to:
a. a reduction in import tariffs by the EU. b. the lifting of an embargo on U.S. exports to Germany. c. the high value of the U.S. dollar compared to other currencies. d. the low value of the U.S. dollar compared to other currencies.
Small differences in economic growth rates can eventually produce large differences in living standards because of compounding.
Answer the following statement true (T) or false (F)