When banks hold more reserves than are required, such reserves are called
A) total reserves.
B) required reserves.
C) excess reserves.
D) loan reserves.
Answer: C) excess reserves.
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In the above figure, the production of 75 ukuleles and 75 guitars is
A) efficient production. B) inefficient production. C) impossible production. D) full employment production.
An advance in farm technology that results in an increased market supply is
a. good for farmers because it raises prices for their products but bad for consumers because it raises prices consumers pay for food. b. bad for farmers because total revenue will fall but good for consumers because prices for food will fall. c. good for farmers because it raises prices for their products and also good for consumers because more output is available for consumption. d. bad for farmers because total revenue will fall and bad for consumers because farmers will raise the price of food to increase their total revenue.