Since it is always a negative number, economists use the convention of taking the absolute value of
a. income elasticity of demand
b. cross price elasticity of demand
c. price elasticity of supply
d. price elasticity of demand
e. any elasticity calculation
D
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________ and ________ may provide an explanation for stock market bubbles
A) Overconfidence; social contagion B) Underconfidence; social contagion C) Overconfidence; social isolationism D) Underconfidence; social isolationism
The cross elasticity between two substitutes is always positive
Indicate whether the statement is true or false
Once decreasing marginal returns sets in a production process ________ declines
a. total revenue b. total product c. average product d. marginal product
A "money market deposit account" is a(n)
A) checking account that pays no interest. B) bank account with a specified maturity date. C) store of Federal Reserve Notes held in bank vaults to cash checkable deposits on demand. D) checking account created from an automatic transfer from a savings account. E) interest-earning account at a bank or thrift institution that usually has a minimum balance requirement.