Assume that the reserve requirement is 25 percent and that the amount of checkable deposits in Federal Bank is $200 . If the bank has loaned out $120, then the bank's excess reserves must equal:

Which of the following is a primary function of money?

A) to serve as a unit of account B) to serve as an encouragement to work C) to reduce the burden of excessive imports D) to raise funds for the government

If total revenues rise when the market price increases, then we know that

A) demand is inelastic. B) demand is elastic. C) demand is unit-elastic. D) its demand has zero elasticity.