Which of the following statements is not true?
A. Price elasticity of demand for basic foods is low.
B. When price elasticity of demand is very high, we say there is brand loyalty.
C. The availability and price of substitutes affect the elasticity of demand for a good or service.
D. When goods have very low prices, the elasticity of demand is usually quite low.
Answer: B
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Although the Federal Reserve had traditionally made discount loans only to commercial banks, in response to the financial crisis in 2008 the Fed made ________ eligible for discount loans as well
A) savings banks B) primary dealers C) the Treasury Department D) mortgage brokers
The fundamental identity of national income accounting implies ________
A) Expenditure = Production + Income B) Expenditure = Production = Income C) Income = Expenditure - Production D) Income = Expenditure / Production E) None of the above
A partnership requires the agreement of most or all partners to any major decision.
Answer the following statement true (T) or false (F)
Net capital outflow measures the imbalance between the amount of
a. foreign assets held by domestic residents and domestic assets held by foreign residents. b. foreign assets bought by domestic residents and the amount of domestic assets bought by foreigners. c. foreign assets bought by domestic residents and the amount of domestic goods and services sold to foreigners. d. None of the above is correct.