Calculate the income elasticity if an 8 percent increase in income leads to a 4 percent increase in quantity demanded for organic produce
A) -0.66 B) 0.5 C) 1.5 D) 2
B
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The table below shows data (in millions) for Sun Trust Banks in September 2007 and September 2008
2007 2008 Loans $83 $78 Reserves $4 $5 Deposits $114 $95 The data show that Sun Trust A) increased its reserve ratio to 5.3 percent over the 12 months. B) increased its reserve ratio to 6.4 percent over the 12 months. C) has fewer excess reserves in 2008. D) faced a higher currency drain ratio in 2008.
The Apple iPhone is sold in a box labeled "Made in China," but a study by economists at the Asian Development Bank found that the actual percentage of the price of the iPhone accounted for by the only work done in China, which is assembly, is
A) 4 percent. B) 12 percent. C) 25 percent. D) 65 percent.
The process of moving from disequilibrium to equilibrium in labor markets creates special problems because
a. we are all workers threatened by recession b. we cannot spend money we have not earned c. the process is very short d. the process is especially lengthy e. negative shocks create economic expansions
Game theory is based on the idea that each participant makes decisions based on how she believes the competition will react.
Answer the following statement true (T) or false (F)