The use of cash for in-store purchases, declined from ________% in 1995 to ________ % in 2008
A) 50, 35
B) 60, 29
C) 80, 75
D) 48, 10
B
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Suppose a 10 percent increase in the price of textbooks decreases the quantity demanded by 20 percent. The elasticity of demand for textbooks is
A) 0.2. B) 2.0. C) 5.0. D) 10.0.
The Elkins Act of 1903:
a. outlawed any departure from a published shipping rate. b. made the receiver of a rebate guilty of violating the law. c. probably reflected the wishes of a large majority of railroad companies. d. All of the above.
Under the Bretton Woods agreement,
a. nations could not adjust their exchange rates relative to the dollar for any reason b. currency values were based on a market basket of European currencies plus the dollar c. the world monetary system operated exactly like the gold standard of pre-World War II years d. the dollar was selected as the key reserve currency e. gold played no role
In the macroeconomy, demand-side shifts change:
A. only the price level in the long run, while output eventually returns to its long-run potential level. B. only the output level in the long run, while prices eventually return to their long-run potential levels. C. aggregate demand only, which eventually shifts back in the long run. D. aggregate demand only, which is why the price level remains unaffected in the long run.