"Demand deposits" in commercial banks are
A) assets of both the non-bank public and the banks.
B) assets of the depositors and liabilities of the banks.
C) liabilities of the non-bank public and of the banks.
D) liabilities of the non-bank public and assets of the banks.
B
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A country with no trade and no borrowing and lending relationships with other countries is known as a(n)
A) closed economy. B) planned economy. C) open economy. D) market economy.
Absolute advantage is
A) the ability to produce more of a good or service than competitors when using the same amount of resources. B) the ability to produce higher quality goods compared to one's competitors. C) the ability to produce a good or service at a higher opportunity cost than one's competitors. D) the ability to produce more of a good or service than competitors that have fewer resources.