Refer to the above figure. Demand is
A. perfectly elastic.
B. unitary elastic.
C. perfectly inelastic.
D. undetermined without more information.
Answer: C
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The high period of immigration in the first half of the 19th century was caused by
a. the Irish potato famine. b. political unrest in Europe. c. political unrest in China. d. Only a and b are correct. e. None of the above are correct.
The reserve requirement is:
A. the regulation that sets the minimum fraction of deposits banks must hold in reserve. B. the dollar amount of cash banks must keep on hand and not loan out. C. currently set at $2 million for most banks. D. a loose guideline for how much banks must hold in reserves.
When a price fails to reflect all the costs of a product, too much of it is produced and/or consumed
a. True b. False Indicate whether the statement is true or false
In equilibrium with an Edgeworth production box
A. one is on the contract curve. B. the production of one good could increase without decreasing the production of the other. C. MPK/MPL = PL/PK. D. MPK * MPL = PL * PK. E. All of these are true