A focus on quality means:
A) A firm does nothing but produce the highest quality product.
B) An inability to actually produce anything.
C) A firm must decide whether an additional focus on quality is worth the cost.
D) The firm will definitely be successful.
E) Consumers will not be willing to purchase the product.
C
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Suppose there is a 30% chance that an oil spill will occur in an area and the economic damage of the potential spill is $1 million. What is the expected value associated with the spill?
a. $3,000,000 b. $1,000,000 c. $300,000 d. $30,000 e. $3,000
The commercial banking system can lend by a multiple of its excess reserves primarily because:
A. Its reserves are on deposit with the Federal Reserve Banks B. Its reserves are highly liquid assets C. It loses reserves when it extends credit D. Its required reserves are fractional