The concept of elasticity of supply measures the responsiveness of the
A) quantity supplied to a change in the price.
B) price to a change in the quantity supplied.
C) quantity supplied to a change in the quantity demanded.
D) quantity demanded to a change in the quantity supplied.
A
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The Fair Labor Standards Act originally set the minimum wage at
A) $3.00 in 1960. B) $0.25 in 1938. C) $1.25 in 1938. D) $0.25 in 1983. E) $1.25 in 1983.
We observe a shortage in real life when we see
A) nonmoney costs of acquiring a good increasing. B) people unable to purchase as much as their situation requires. C) prices falling. D) the amount purchased is less than the amount supplied.
Deregulation of banks and other depository institutions allowed the FDIC to open bank branches of its own
a. True b. False Indicate whether the statement is true or false
In the federal funds market,
A) banks make loans to the Fed. B) banks make loans to other banks. C) the Fed makes short-term loans to banks. D) the Fed makes long-term loans to banks.