Generally, the demand for energy in the long run will be
a. approximately equal in elasticity to the demand for energy in the short run.
b. considerably less elastic than in the short run.
c. considerably more elastic than in the short run.
d. perfectly inelastic because we must have energy to survive.
C
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Which of the following is evidence of a shortage of walnuts?
A) The equilibrium price of walnuts falls due to a decrease in demand. B) The quantity of walnuts demanded is greater than the quantity supplied. C) Firms lower the price of walnuts. D) The price of cashews is lowered in order to make up for the walnut shortage.
The price of lemonade is $0.50; the price of popcorn is $1.00. If Fred has maximized his utility by purchasing lemonade and popcorn, his marginal rate of substitution will be:
A) 2 lemonades for each popcorn. B) 1 lemonades for each popcorn. C) 1/2 lemonade for each popcorn. D) indeterminate unless more information on Fred's marginal utilities is provided.
If a bank's required reserves equal $270,000 . Suppose the bank holds no excess reserves, and the reserve requirement is equal to 18 percent, what is the value of the bank's total deposits?
a. $900,000 b. $1,500,000 c. $48,000 d. $486,000 e. $150,000
The income that people earn is called
a. national income b. personal income c. disposable personal income d. transfer payments e. net national product