The commercial banks on Sunny Island have checking deposits of 4 million, reserves of 600,000, and loans of 2.4 million. The desired reserve ratio is 10 percent. The banks have ________ of desired reserves and ________ of excess reserves.
A) 600,000; 0
B) 400,000; 200,000
C) 400,000; 600,000
D) 600,000; 200,000
Question 2
The above figure shows the apartment market in Big City. A rent ceiling of 1100 would
A) not create a black market.
B) create a shortage of apartments.
C) decrease search activity.
D) shift the supply curve rightward.
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