Total revenues reach a maximum when
A. price elasticity is at a minimum.
B. demand is unit-elastic.
C. demand is elastic.
D. demand is inelastic.
Answer: B
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If speculation is that a recession is around the corner, which means that our future incomes will most likely fall, then the effect of all this on the economy now will be
a. an upward movement along the AD curve b. a downward movement along the AD curve c. the AD curve shift to the left d. the AD curve shift to the right e. the AS curve shift to the right
Which is not a job of the Federal Reserve?
A. Check clearing B. Issuing currency C. Insuring bank deposits D. Controlling the rate of growth of the money supply
In a flexible exchange rate system, which of the following would NOT cause the U.S. dollar to depreciate relative to the British pound?
A. a decrease in demand for British goods in the United States B. a shift to the left in the supply of British goods to the United States C. a decrease in British demand for U.S. exports D. an increase in demand for British goods in the United States
In Macroland there is $12,000,000 in currency. The public holds half of the currency and banks hold the rest as reserves. If banks' desired reserve/deposit ratio is 12.5%, deposits in Macroland equal ________ and the money supply equals ________.
A. $96,000,000; $96,000,000 B. $48,000,000; $54,000,000 C. $54,000,000; $54,000,000 D. $48,000,000; $75,000,000