Suppose Quarto takes 10 years to double the size of its economy. According to the rule of 70, its growth rate is _____
a. 15 percent
b. 10 percent
c. 7 percent
d. 20 percent
c
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What will be an ideal response?
If a good has an income elasticity of 1.83, then it:
A. is a normal good, and a necessity. B. is an inferior good, and a necessity. C. probably has a lot of close substitutes available. D. is a luxury.
Answer the following statements true (T) or false (F)
1. If banks had $10 million in legal reserves, $110 million in check able deposits, and a 10 percent reserve requirement, they would have to reduce check able deposits by $10 million or increase reserves by $1 million. 2. A decrease in reserve requirements immediately increases the money supply. 3. The total check able deposits a bank may have can be determined by dividing its reserves by the reserve requirement. 4. The most liquid measure of the U.S. money supply is M1. 5. Federal Reserve banks stand ready to convert dollars into gold upon demand. 6. The Treasury issues all paper currency today.
Demand will be more inelastic when
a. the time the consumer has to adjust to price changes is short. b. the price of the good is high. c. the number of good substitutes is large. d. the consumption of the good is not very essential.