Because people are more health conscious today than ever before, the demand for French fries has steadily fallen, causing the wage rate
a. and employment of workers in the French fries labor market to fall
b. and employment of workers in the French fries labor market to rise
c. to rise and employment of workers in the French fries labor market to rise
d. to fall and employment of workers in the French fries labor market to rise
e. to fall because both the labor demand and supply curves to shift to the right
A
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Larissa is a famous courtroom attorney. She charges clients $300 per hour for her legal services. Last year she earned $450,000 . This year, she raised her price to $350 per hour and her income increased to $490,000 . Which of the following is most likely to represent the price elasticity of demand for Larissa's legal services?
a. It is approximately 2.30. b. It is approximately 1.60. c. It is approximately 1.00. d. It is approximately 0.45. e. It is approximately 6.10.
Elasticity refers to the law in economics that a higher price will lead to a lower quantity demanded.
Answer the following statement(s) true (T) or false (F)
Ceteris paribus, if the Fed raises the reserve requirement, then:
A. The money multiplier increases. B. The lending capacity of the banking system decreases. C. Excess reserves increase. D. Required reserves decrease.
When a commercial bank borrows from the Fed,
A) the reserves of the bank fall. B) the bank can make more loans. C) it must be because the bank is not meeting its reserve requirements. D) the money supply falls.