Which country is both one of the top markets for U.S. agricultural exports and the top supplier of agricultural imports to the United States?
A) South Korea B) China C) Mexico D) Varies by year.
Answer: D
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If the reserve ratio is raised, the money multiplier
A) stays the same. B) is doubled. C) is lowered. D) is increased.
Cary increases the price of her cakes from $8 to $10 per cake, but her cash receipts decrease by 2 percent. The price elasticity of demand (in the $8 to $10 range) is
a. elastic. b. inelastic. c. 0.02. d. 0.25.
The velocity of money increases if:
A. each unit of money is used less frequently. B. each unit of money is used more frequently. C. more purchases are made. D. none of the above answers is correct; the velocity of money is constant.
When a perfectly competitive firm sells additional units of output, ________, and when a monopolist sells additional units of output, ________.
A. total revenue always rises; total revenue could rise, fall, or remain unchanged B. total revenue rises; total revenue falls C. total revenue does not change; total revenue rises D. marginal revenue stays the same; marginal revenue rises