In the above figure, Jack's opportunity cost of producing 1 gallon of soda is ________ of bottled water

At harvest time the supply of wheat is perfectly inelastic. If the government taxes wheat at $1 a bushel, then

A) the seller pays the entire tax. B) the buyer pays the entire tax. C) the seller and the buyer split the tax evenly. D) the seller and the buyer split the tax but the seller pays more. E) no one pays the tax because the wheat must be harvested or it will go to waste.

Excess reserves equal

A) total reserves less required reserves. B) required reserves less total reserves. C) total reserves plus required reserves. D) required reserves divided by total reserves.