At the start of the Civil War, the population in the U.S. was about half that of the United Kingdom
Indicate whether the statement is true or false
False
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Suppose the value of the price elasticity of supply is 4. What does this mean?
A) For every $1 increase in price, quantity supplied increases by 4 units. B) A 1 percent increase in the price of the good causes quantity supplied to increase by 4 percent. C) A 1 percent increase in the price of the good causes the supply curve to shift upward by 4 percent. D) A 4 percent increase in the price of the good causes quantity supplied to increase by 1 percent.
Which of the following would be expected if the tariff on foreign-produced automobiles were increased?
a. The domestic price of automobiles would fall. b. The supply of foreign automobiles to the domestic market would decline, causing auto prices to rise. c. The number of unemployed workers in the domestic automobile industry would rise. d. The demand for foreign-produced automobiles would increase, causing the price of automobiles to increase in other nations.
________ inflation is more stable than __________ inflation, because it excludes food and gasoline prices.
A. Core; headline B. Headline; core C. Core; nominal D. Nominal; core
Most of the non-cash retail payments made each year in the United States are made by:
A. check. B. electronic funds transfers. C. debit card. D. credit card.