The absolute value of the price elasticity of demand for telescopes is 1.5. Therefore, telescopes can be classified as a luxury
Indicate whether the statement is true or false
FALSE
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Barter requires the
A) exchange of goods and services directly for other goods and services. B) use of fiat money as a medium of exchange. C) use of commodity money as a medium of payment. D) the triple non-coincidence of wants. E) use of money as a unit of account.
Describe the elasticity of demand that each of these gas stations faces
What will be an ideal response?
Since resources are not equally substitutable across uses: a. the production possibilities curve will be positively sloped. b. the production possibilities curve will be a straight line
c. the production possibilities curve will be bowed outward. d. the production possibilities curve will be bowed inward.
The time it takes the firms to respond to a higher or a lower interest rate is referred to as:
A. the inside lag for monetary policy. B. the inside lag for fiscal policy. C. the outside lag for monetary policy. D. the outside lag for fiscal policy.