Assume that corn and soybeans are alternatives that could be grown by most farmers, An increase in the price of corn will
What will be an ideal response?
Decrease the supply of corn
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The cross-price elasticity of demand measures the
A) percentage change in the quantity demanded of one good in one location divided by the price of the same good in another location. B) absolute change in the quantity demanded of one good divided by the absolute change in the price of another good. C) percentage change in the quantity demanded of one good divided by the percentage change in the price of another good. D) percentage change in the price of one good divided by the percentage change in the quantity demanded of another good.
The confidence interval for a single coefficient in a multiple regression
A) makes little sense because the population parameter is unknown. B) should not be computed because there are other coefficients present in the model. C) contains information from a large number of hypothesis tests. D) should only be calculated if the regression R2 is identical to the adjusted R2.
A perfectly inelastic demand means:
A. consumers will change the quantity they purchase when price changes. B. demand will drop to zero if the price increases by any amount. C. consumers will not change the quantity they purchase when price changes. D. the demand curve is perfectly horizontal.
Suppose a bank has $8,000 in checkable deposits and the required reserve ratio is 0.2 . If actual reserves equal $3,000 . then excess reserves equal:
a. $1,600. b. $1,400. c. $2,400. d. $5,000. e. zero.