What are liabilities?
A) anything of value owned by a person or a business
B) only those unpaid expenses for which a business or person is making interest payments
C) the total cost of labor for a firm
D) anything a person or a business owes to entities outside the business
D
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If the actual money multiplier equals the potential money multiplier and if the Fed wishes to reduce the money supply by $1 million when the reserve ratio is 20 percent, then the Fed should
A) sell $200,000 of government securities. B) sell $500,000 of government securities. C) buy $200,000 of government securities. D) buy $500,000 of government securities.
According to the permanent income hypothesis, taxpayers react to a one-time tax rebate
A) by spending all of the tax rebate. B) by spending more than the amount of the tax rebate. C) by saving half of the tax rebate and spending the rest. D) by saving all of the tax rebate.