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Sara would like to open a bank account. What will she need to do this? Check all that apply. 
 
(i) identification card 
(ii) high school diploma 
(iii) money to start the account 
(iv) birth certificate 
(v) proof of address

 

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Tod Thiel
Tod ThielLv2
4 Mar 2020
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Related questions

Which are the roles of a bank? Check all that apply.
 
(i) Storing and holding money
(ii) Making purchases to create profits
(iii) Lending money
(iv) Investing in the economy
(v) Creating money for the economy

1. Joe Fixit has an appliance-repair business. He has more business than he can handle and wants to hire another repair person. Joe estimates that three appliances can be repaired each hour by a qualified person. Joe bills out labour at $45 per hour, but he stipulates that the minimum charge for appliance-repair estimates is $30 plus parts. What is the marginal revenue product of a qualified repair person? What is the maximum hourly wage that he would pay an employee?

2. Sara Lee just graduated from college with a degree in accounting. She had five job offers: Bean Counters CPA, $35,000; Assets R Us, $27,000; The Debit Store, $30,000; J & Jâ's CPAs, $33,000; and The Double Entry Shop, $40,000. What was her opportunity cost if she accepted the job with The Double Entry Shop?

3. Sam Club earned $50,000 and paid taxes of $10,000. Samantha Heart earned $60,000 and paid taxes of $12,000. If these taxes were paid to the same government agency, is the tax on income progressive, regressive, or proportional? How did you reach this conclusion?

4. Carol Jones wants her business to increase sales by 50 per cent over the next 5 years. To do this, she must hire three more people. She wants to determine how to evaluate these people, so she lists their job specifications and develops job descriptions. She also lists where these employees would work and what training they would require. What management functions is Carol performing, and how do they apply to this scenario?

5. Sam Jones, Mary Adams, and Larry Brown have been talking about starting their own business for several years. Sam is an electronic repairman, Mary is a partner in a large law firm, and Larry is an excellent salesperson. Sam and Larry will work in the business on an equal basis. It costs $100,000 to start this business. Sam has no money, Mary has $60,000, and Larry has $40,000. If they form a partnership, how would you recommend that they organize?

6. Joe Latte completed a business plan and determines that it will take $120,000 to open the coffee and gelato shop. He has $30,000 of his own money and will have to obtain $90,000 in loans or grants. How should Joe go about getting financing? What is the probability that he can obtain a grant to start a combination of coffee and Italian ice cream shop?

A) Assume that the long-run aggregate supply curve is vertical at Y = 3,000 while the short-run aggregate supply curve is horizontal at P = $1.0. The aggregate demand curve is Y = 2(M/P) and M = 1,500.

i) If the economy is initially in long-run equilibrium, what are the values of P and Y?

ii) What is the velocity of money in this economy?

iii) If M increases to 2,000, what are the new short-run values of P and Y?

iv) Once the economy adjusts to long-run equilibrium at M = 2,000, what are P and Y?

B) Assume that the long-run aggregate supply curve is vertical at Y = 3,000 while the short-run aggregate supply curve is horizontal at P = $1.0. The aggregate demand curve is Y = 3(M/P) and M = 1,000.

i) Suppose a supply shock moves the short-run aggregate supply curve to P=$1.5. What are the new short-run P and Y? What will be the new long-run P and Y?

ii) Suppose that immediately after the supply shock the Federal Reserve Bank wanted to hold output at its long-run level. What level of M would be required? If this level of M were maintained, what would be long-run equilibrium P and Y?

C) Use the aggregate demand/aggregate supply model to illustrate graphically the impact in the short run and the long run of the following changes. (Be sure to label: i. the axes; ii. the curves; iii. the initial equilibrium values; iv. the direction the curves shift; v. the short-run equilibrium values; and vi. the long-run equilibrium values). Also, state what happens to prices and output in the short run and the long run.

i) The Federal Reserve Bank engages in expansionary monetary policy.

ii) Climate change causes reduced food production.

iii) Labor unions are banned.

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