Which of the following is not a determinant of demand?
a) Income.
b) Price of other goods.
c) Available technology.
d) Expectations of income.
Answer: c) Available technology.
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If the banking system has a required reserve ratio of 40 percent, then the money multiplier is
A) 2. B) 2.5. C) 4. D) 8.
Rather than prohibiting a good or service, the government might tax it. Imposing such a tax on a good or service ________ the equilibrium price and ________ the equilibrium quantity
A) raises; increases B) raises; decreases C) lowers; increases D) lowers; decreases
According to the table above, ________ percent of total income is redistributed to the lowest income group
A) 4.7 B) 2.3 C) 1.5 D) 3.8
The demand for Olin skis is likely to be
a. less elastic than the demand for skis in general b. more elastic than the demand for skis in general c. unit elastic relative to the demand for skis in general d. as elastic as the demand for skis in general e. greater than the demand for skis in general