Refer to Table 21.2. What is the median income in Mysteria?
A) $5,000
B) $9,000
C) $10,000
D) $17,000
B
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If a 50 cent increase in price causes the amount purchased to fall by 50 units per week, we know
A) almost nothing about the price elasticity of demand. B) demand is relatively elastic. C) demand is relatively inelastic. D) demand is unit elastic. E) the demand does not obey the law of demand.
If the utility for two goods "x" and "y" can be measured as U = y, then it can be concluded that
A) "x" and "y" are perfect complements. B) "x" is a "bad". C) the indifference curves on the x,y graph are upward sloping where "x" is measured on the horizontal axis. D) the indifference curves on the x,y graph are horizontal where "x" is measured on the horizontal axis.
If the initial deposit into the banking system is $500 billion, and if the total $8,000 billion represents the maximum money supply permissible, then the legal reserve requirement must be
a. 8 percent b. 6.25 percent c. 11 percent d. 12 percent e. 12.3 percent
Countercyclical fiscal policy is
a. fiscal policy designed to intensify the business cycle in the same way that we fight fire with fire b. fiscal policy designed to moderate the severity of the business cycle c. fiscal policy designed to make the economy grow faster than the rate of growth represented by the long term trend d. fiscal policy that does not depend on government intervention in the economy e. fiscal policy that moves in one direction only: increases in government spending that are designed to make the economy grow faster