In the Dred Scott decision (1857), the Supreme Court declared that:
a. Congress could not admit a free state without simultaneously admitting a slave state.
b. slavery was not legal in the western territories.
c. fugitive slaves were not legally protected from bounty hunters.
d. Congress could not prohibit slavery in the western territories.
d. Congress could not prohibit slavery in the western territories.
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Which of the following is true of price leadership?
a. Price leadership requires that firms collude. b. Price leadership will not exist when there is a dominant firm. c. Price leadership may come into being as firms recognize the benefits of not engaging in competitive pricing. d. Price leadership is most likely to arise when no firm has a history of making accurate evaluations of market conditions. e. Price leadership is never used in the real world.
Banks are required to keep a minimum amount of funds in reserve because
A. Depositors may decide to withdraw funds at any time. B. The bank may decide to increase aggregate demand at any time. C. The Fed may decide to withdraw funds at any time. D. Borrowers may decide to repay loans ahead of schedule.
If the price elasticity of demand for a product measures .45,
a. this good has many available substitutes.
b. this good must be a nonessential good.
c. this good is a high-priced good.
d. a decrease in price will increase total revenue.
e. this good is demand price inelastic.
The aggregate demand curve shifts to the right if
a) the government decreased welfare programs b) the Fed decreased the reserve requirement c) the government raised taxes d) the demand for money increased e) none of the above shifts the aggregate demand curve to the right