______________ is another term for perfect elasticity.
a. Zero elasticity
b. Infinite elasticity
c. Constant unitary elasticity
d. Zero inelasticity
b. Infinite elasticity
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One of the reasons that import substitution is popular is that
a. there was never any demand for the products in question b. infant industries would have to compete against global rivals c. it benefits suppliers to the favored domestic industries d. it slows down the progression through the production chain e. the emphasis is on comparative advantage and trade expansion
Unanticipated increase in inflation transfers wealth from the borrower, who pays the pre-decided rate of interest to the lender
Indicate whether the statement is true or false
When Bruce increases the consumption of Good X and decrease the consumption of Good Y, his marginal utility of
A. both X and Y will decrease. B. both X and Y will increase. C. X falls and the marginal utility of Y will increase. D. X increases and the marginal utility of Y will fall.
If the Federal funds rate:
A. Increases, the prime interest rate will decrease B. Decreases, the prime interest rate will increase C. Increases, the prime interest rate will increase D. Decreases, the prime interest rate will not change