Refer to Table 9-3. If the required reserve ratio is 10%, what is the value of the bank's required reserves?
A) $25 million
B) $40 million
C) $60 million
D) $75 million
Ans: C) $60 million
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Which of the following is the best example of a voluntary export restraint?
A) a $5,000 per-car fee imposed on all sports utility vehicles imported into the United States B) a subsidy granted by the U.S. government to domestic sports utility vehicle manufacturers so they can compete more effectively with foreign sports utility vehicle manufacturers C) a tax placed on all sports utility vehicles sold in the domestic market D) a limit set by the Japanese government on the number of sports utility vehicles that the United States can import from Japan
The elasticity of demand for a luxury car is: a. highly elastic
b. highly inelastic. c. equal to zero. d. infinitely elastic.