Checks are
A) not acceptable for settling transactions in most industrialized countries.
B) less important than currency as a means of settling transactions.
C) promises to pay on demand money deposited with a financial institution.
D) promises to pay coins minted from precious metals on demand.
C
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Refer to Figure 1A.2. If this consumer rents 60 DVDs, how many movie tickets will she purchase?
A) 0 B) 5 C) 10 D) 15
According to this Application, some households were willing to take on considerable mortgage debt because
A) they realized the mortgage debt would be more than offset by the tax deductions they could take on the interest paid on their mortgage loans. B) this was a safe investment in light of the rapidly increasing inflation in the economy. C) the government's federal home mortgage insurance program would compensate them for any loss in value they may realize based on the purchase price of their homes. D) they were confident they could make money as the values of their homes increased.
The price elasticity of demand for an agricultural product is 0.4. This value means that, when the quantity decreases 1 percent, the price
A) falls 4 percent. B) rises 4 percent. C) falls 2.5 percent. D) rises 2.5 percent. E) rises 0.25 percent.
Suppose a successful advertising campaign increases the demand for Nike shoes. Which would tend to occur?
A) The demand curve for Nikes would shift to the right. B) The quantity supplied of Nikes would increase. C) The price of Nikes would rise. D) All of the above.