Suppose Richard Branson withdraws $5 million from his checking account at Bank of America. If the required reserve ratio is 25%, what is the maximum change in deposits in the banking system?
A) -$25 million
B) -$20 million
C) -$5 million
D) -$1.25 million
B
Economics
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Differentiate between the quantity effect and price effect of a price cut by a monopoly
What will be an ideal response?
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A minimum wage law dictates
A) the minimum qualifications for labor. B) the minimum quantity of labor that a firm must employ. C) the highest wage that firms must pay for labor. D) the lowest wage that firms may pay for labor.
Economics