Which of the following is a determinant of supply?
A. Tastes and preferences
B. Price of a complementary good
C. Consumer income
D. Product taxes and subsidies
Answer: D
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When the Fed sells government securities to banks, the sale
A) decreases banks' reserves. B) increases the quantity of money. C) creates more excess reserves. D) increases banks' reserves. E) increases the monetary base.
Calculate the income elasticity if an 8 percent increase in income leads to a 4 percent increase in quantity demanded for organic produce
A) -0.66 B) 0.5 C) 1.5 D) 2
For demand to exist, there must be
a. a desire and an ability to buy. b. a supply of the product in the market. c. a price that is low enough to permit all consumers to afford the product. d. All of these.
A surplus of wheat:
A. is impossible if people are hungry. B. is impossible if the price of wheat is below equilibrium. C. will result when the quantity demanded exceeds the quantity supplied at the current price. D. is unlikely to cause any change in the price of wheat.