Good assumptions simplify a problem without substantially affecting the answer
a. True
b. False
Indicate whether the statement is true or false
True
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To increase the money supply, the Federal Reserve could
A) decrease income taxes. B) raise the required reserve ratio. C) raise the discount rate. D) lower transfer payments. E) conduct an open market purchase of Treasury securities.
Refer to the game between James and Theodore depicted in Figure 12.1. Which of the following is true?
A. If James chooses Up, Theodore's best response is to choose Left.
B. If James chooses Down, Theodore's best response is to choose Left.
C. If Theodore chooses Left, James's best response is to choose Up.
D. If Theodore chooses Right, James's best response is to choose Up.
The demand for salt is
a. inelastic because there are few substitutes for salt and it represents a large percentage of a consumer's budget. b. inelastic because there are many substitutes for salt and it represents a large percentage of a consumer's budget. c. inelastic because there are few substitutes for salt and it represents a small percentage of a consumer's budget. d. elastic because there are no substitutes for salt and it represents a large percentage of a consumer's budget. e. elastic because there are many substitutes for salt and it represents a large percentage of a consumer's budget.
Privatization is the process of turning private enterprises into state-owned enterprises
Indicate whether the statement is true or false