If the banking system has $50 billion in excess reserves, and the required reserve ratio is 25 percent, what is the maximum amount by which the money supply can be increased?

In perfect competition, at the firm's profit maximizing short run output, which of the following is true? a. Marginal revenue equals marginal cost

b. Price equals marginal cost. c. It could be earning either economic profits or losses. d. All of the above are true.

Suppose your accountant told you that the economic profit you made last year was $50,000 . You would be pleased because the $50,000 represents your total revenue minus

a. implicit costs b. monetary costs c. explicit costs d. both implicit costs and explicit costs e. the difference between explicit and implicit costs