The above figure shows the market for steel ingots. If the market is competitive, then the deadweight loss to society is

Which of the following is TRUE regarding the effect expected future income has on saving?

I. As expected future income increases, saving increases. II. Young people typically save very little. III. Middle aged people, earning higher incomes, are not very big savers. A) I and III B) II only C) III only D) II and III

If reserves increase by $7 million and the required reserve ratio is 12%, what is the resulting change in checkable deposits (or the money supply), assuming that there are no cash leakages and that banks hold zero excess reserves?

A) $0.84 million B) $7.95 million C) $5.83 million D) $58.33 million