In order to achieve the maximum gains from trade, people should specialize according to

If there is a recession, the Fed would most likely:

a. increase bank reserves by raising the discount rate. b. increase bank reserves by buying government securities. c. decrease bank reserves by raising the discount rate. d. decrease bank reserves by selling government securities. e. decrease bank reserves by lowering the legal reserve requirement.

An income statement shows a firm's revenue, costs, and profit

A) for the firm's fiscal year. B) since the firm has been in operation. C) for a particular day. D) only if the firm is earning an accounting profit.