Each of the following companies lost major cases heard by the Supreme Court except
A. ALCOA.
B. DuPont.
C. the Standard Oil Trust.
D. the American Tobacco Trust.
B. DuPont.
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For Product X, the income elasticity of demand is -2.56. Which of the following is therefore TRUE?
A) Product X is a necessity. B) Product X is a luxury. C) Product X is an inferior good. D) Product X is a normal good.
If the Fed raises its target for the federal fund rate, this indicates that
A) the Fed is pursuing an expansionary monetary policy. B) the Fed is attempting to combat deflation. C) the Fed is pursuing a contractionary monetary policy. D) The Fed is concerned that the growth in aggregate demand is too slow to keep up with potential GDP.
The law of demand is illustrated by a demand curve that is
a. horizontal b. vertical c. upward sloping d. constant e. downward sloping
In an economy in which velocity is constant and the same level of real output is produced year after year, a slow increase in the money supply would result in a: a. constant price level
b. slowly increasing price level. c. rapidly increasing price level. d. slowly increasing real GDP. e. rapidly increasing real GDP.