Gold is sold in world markets, usually priced in terms of troy ounces. In the market for gold, the price elasticity of demand for gold would be expressed as
A. a unitless number.
B. the number of dollars spent on gold.
C. the number of whatever currency is used in purchasing the gold.
D. the number of troy ounces of gold sold.
Answer: A
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Use the information in the following table to answer the next question.Money SupplyMoney DemandInterest RateInvestment (at interest rate shown)$400$6002%$7004005003600400400450040030053004002006200The equilibrium interest rate in this economy is ________.
A. 3% B. 4% C. 5% D. 6%
For any change in net taxes, we can calculate the resulting change in equilibrium GDP by using the following formula:
a. change in GDP = -MPC/(1 - MPC) b. change in GDP = [-MPC/(1 - MPC)]? change in taxes c. change in GDP = MPC ? change in taxes d. change in GDP = MPC/(1 - MPC) e. change in GDP = [-MPC/(1 - MPC)] + change in taxes
A change in expected inflation shifts
a. the short-run Phillips curve, but not the long run Phillips curve. b. the long-run Phillips curve, but not the long run Phillips curve. c. neither the short-run nor the long-run Phillips curve. d. both the short-run and long-run Phillips curve right.
A perfectly competitive firm is a price taker because:
a) It has no control over the market price of its product. b) Market demand is downward sloping. c) It has market power. d) Its products are differentiated.