Who from among the following would be classified as out of the labor force?
A. Mario Faubert, a NHL hockey player at home sick with the flu.
B. Jack Little, a 21 year old new college graduate actively looking for his first job.
C. Amanda Pie, a full-time homemaker.
D. Brenda Smith, an 18 year old college student employed part-time at a fast food restaurant.
Answer: C
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Suppose a bank has $850 million in vault cash and a deposit in the Fed of $100 million. If the bank's required reserves equal $500 million, then the bank has excess reserves of:
a. $100 million. b. $350 million. c. $400 million. d. $450 million. e. $500 million.
When there is a positive cross-price elasticity of demand between two goods,
a. they are independent goods b. they are complementary goods c. they are substitute goods d. they are normal goods e. the income elasticity of demand is positive