The value of cross-price elasticity of demand between golf balls and golf clubs is
a. negative
b. positive
c. 0
d. greater than 1
e. less than 1
A
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
The directive of prompt corrective action means that
A) the FDIC will intervene earlier and more vigorously when a bank gets into trouble. B) the banks must take actions quickly to resolve reserve disputes. C) bank failures cannot occur. D) there must be an immediate response to an increase in interest rates.
A Midwestern wheat farmer faces a horizontal demand curve because
a. it is so large relative to the market as a whole that it has no impact on market price b. it is so small relative to the market as a whole that it has no impact on market price c. it produces a good for which there are no substitutes d. it produces a good for which there are no complements e. it produces a good that no other firm in the industry produces
Workers who organize to bargain collectively for wages and working conditions form a
a. joint council b. labor cartel c. labor federation d. collective e. labor union