With respect to reserve requirements on bank deposits, the Board of Governors can set them
A) at any level the Board desires.
B) at any level approved by the Federal Open Market Committee.
C) within the bounds of the specific limits imposed by Congress.
D) within the bounds of the specific limits set by the Secretary of the Treasury.
C
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Which of the following would be categorized as an implicit cost?
a. not being able to spend your $10,000 savings if you sink the money in your business b. the cost of purchasing supplies for your house-cleaning business c. the cost of purchasing auto insurance for your dry-cleaning delivery business A) a only B) a and c only C) b and c only D) all of the above
If the supply curve for orange juice is estimated to be Q = 40 + 2p, then
A) supply is price elastic at all prices. B) supply is price inelastic at all prices. C) supply is elastic only at prices below 20. D) No general statements about price elasticity of supply can be made.