If the price elasticity of demand for food is low, an increase in supply due to an improvement in technology will result in a ________ price and ________ in total revenue.
A. lower; a decrease
B. higher; a decrease
C. lower; an increase
D. higher; an increase
Answer: A
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Consumers should purchase quantities of a good to the point where MU > P. ?
Answer the following statement true (T) or false (F)
What is an efficient way to study for an economics exam?
A) Attend every lecture and take copious notes. B) Read the assigned material once before each class and once after. C) Form study sessions with others in class. D) Put off everything and instead cram the night before the exam. E) Any of the above might be efficient, depending on one's perceived costs and benefits.
Banks will be examined at least once a year and given a CAMELS rating by examiners. The L stands for
A) liabilities. B) liquidity. C) loans. D) leverage.
A sub-prime loan is a loan extended to borrowers
a. at a subsidized interest rate below the prime rate normally offered to the most creditworthy borrowers. b. with blemished credit or limited documentation of their income, employment history, and other indicators of credit worthiness. c. seeking a 30-year, fixed rate mortgage. d. who have a FICO score above 660.