Federal Reserve Banks are bankers' banks.
Answer the following statement true (T) or false (F)
True
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If the price elasticity of demand for moose hunting lessons is 4.23, then the demand for moose hunting lessons is
A) elastic. B) unit elastic. C) inelastic. D) perfectly unit elastic. E) perfectly elastic.
The elasticity of supply does NOT depend on
A) resource substitution possibilities. B) the fraction of income spent on the product. C) the time elapsed since the price change. D) none of the above because all of the factors listed affect the elasticity of supply.
The marginal product of labor can be defined as the change in
a. profit divided by the change in labor. b. output divided by the change in labor. c. labor divided by the change in output. d. labor divided by the change in total cost.
Thinking as an economist would, which is TRUE of investment?
A. It is the portion of disposable income that is not used for consumption or saving. B. Investment represents spending on capital goods. C. Investment is a stock concept. D. Investment is putting money into stocks and bonds.