Which of the following would cause a change in the quantity demanded of a product?
A) a higher price
B) a higher income
C) expectations of future price increases
D) All of the above are correct.
A
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A shortage tends to put ________ pressure on the price of the product, which ________ the quantity demanded
A) upward; increases B) upward; decreases C) downward; increases D) downward; decreases
The legislation that made all depository institutions regardless of Federal Reserve membership subject to the reserve requirements established by the Fed is called the:
A) Glass-Steagall Act. B) McFadden Act. C) Monetary Control Act of 1980. D) none of the above
Suppose a family has saved enough for a 10 day vacation (the only one they will be able to take for 10 years) and has a utility function U = V1/2 (where V is the number of healthy vacation days they experience). Suppose they are not a particularly healthy family and the probability that someone will have a vacation-ruining illness (V = 0) is 20%. What is the expected value of V?
a. 10 b. 8 c. 2 d. 0
Waiters in countries where it's customary to tip waiters will tend to have lower wages than will waiters in countries where tipping is not customary.
Answer the following statement true (T) or false (F)