Which of the following statements is correct?
a. Because we have more food per capita, global food prices have decreased since 1875.
b. Because we have less food per capita, global food prices have increased since 1875.
c. Because we have less food per capita, global food prices have decreased since 1875.
d. Because we have more food per capita, global food prices have increased since 1875.
a. Because we have more food per capita, global food prices have decreased since 1875.
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Having interest rate stability
A) allows for less uncertainty about future planning. B) leads to demands to curtail the Fed's power. C) guarantees full employment. D) leads to problems in financial markets.
GDP, according to the income method, is the sum of:
a. wages, rent, interest, and profits. b. consumption, gross investment, depreciation, and net exports. c. depreciation, net factor income from abroad, and indirect business taxes. d. gross investment, wages, profits, rent, and indirect business taxes. e. consumption, profits, interest, rent, and net exports.
Suppose that quantity demand falls by 30% as a result of a 5% increase in price. The price elasticity of demand for this good is
a. inelastic and equal to 6. b. elastic and equal to 6. c. inelastic and equal to 0.17. d. elastic and equal to 0.17.
Which of the following is not a responsibility of the Fed?
A) supervising member banks B) serving as the lender of last resort C) determining the level of government spending D) providing check-clearing services E) supplying the economy with Federal Reserve Notes