If a study shows that two goods have a high negative cross elasticity of demand value, then the two goods are competing in the same market.
Answer the following statement true (T) or false (F)
False
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
Small time deposits of $100,000 or less are classified as
A) part of M1. B) FDIC insured. C) part of M2. D) highly liquid.
The largest International Monetary Fund quota subscription, denominated in Special Drawing Rights, is held by
A) the United States. B) Japan. C) China. D) Russia.
A demand curve reflects each of the following except the
a. willingness to pay of all buyers in the market. b. value each buyer in the market places on the good. c. highest price buyers are willing to pay for each quantity. d. ability of buyers to obtain the quantity they desire.