Refer to the information provided in Table 20.5 below to answer the question(s) that follow. Cashews are measured in bushels and tea is measured in pounds (lbs.)
Table 20.5
Refer to Table 20.5. In India, the opportunity cost of
A. a lb. of tea is 1/5 of a bushel of cashews.
B. a lb. of tea is 1/6 of a bushel of cashews.
C. a bushel of cashews is 5 lbs. of tea.
D. a bushel of cashews is 6 lbs. of tea.
Answer: C
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Refer to Figure 20.2. If the area 0P1AB is less than the area 0P2CD, we can conclude that the price elasticity of demand between point A and point C is
A. Elastic. B. Unitary elastic. C. Inelastic. D. Impossible to determine. It depends on whether the price has increased or decreased.
The currency owned by commercial banks is included in the money supply.
Answer the following statement true (T) or false (F)
What happens to the SRAS curve when the aggregate price level increases?
What will be an ideal response?