When a bank's excess reserves are zero:
a. its required reserves exceed its legal reserves.
b. its liabilities exceed its assets.
c. its liabilities must be lower than its assets.
d. its required reserves equal its legal reserves.
e. it cannot meet its reserve requirement.
d
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When local governments ignore all other considerations and award cable TV franchises to the firms that offer the highest money bids, they
A) discriminate against the poor. B) encourage corruption. C) introduce delay into the system but increase its efficiency. D) reduce the likelihood of illegal bribes. E) increase the likelihood the winning firm will be incompetent.
A lower tariff on imported steel would most likely benefit
A) foreign producers at the expense of domestic consumers. B) domestic manufacturers of steel. C) domestic consumers of steel. D) workers in the steel industry. E) foreign consumers of steel.