The balance sheet for a commercial bank shows the bank's
a. required reserves as assets and excess reserves as liabilities
b. loans as assets and required reserves as liabilities
c. loans as assets and demand deposits as liabilities
d. demand deposits as assets and loans as liabilities
e. excess reserves as assets and required reserves as liabilities
C
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Joe earns $100,000 per year. He pays a tax rate of 28 percent on the first $60,000 of income and a tax rate of 15 percent on income above $60,000. This tax system is an example of a
A) regressive income tax. B) negative income tax. C) progressive income tax. D) proportional income tax.
The demand for dollars in the foreign exchange market
A. Depends on U.S. demand for foreign goods and services. B. Depends in part on the foreign demand for U.S. goods. C. Is represented by a point in a diagram of foreign exchange supply and demand. D. Is the ratio of the dollars demanded to the amount of foreign currency supplied.