The concept of economic efficiency refers to the size of the “economic pie” whereas the concept of equality refers to how the “pie” is distributed.
Answer the following statement true (T) or false (F)
True
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Since reserve requirements on time and savings deposits were phased out in the early 1990s,
a. only the M1 money multiplier is affected by increases in time and savings deposits. b. only the M2 money multiplier is affected by increases in time and savings deposits. c. neither the M1 nor the M2 money multipliers are affected by increases in time and savings deposits. d. both the M1 and M2 money multipliers are affected by increases in time and savings deposits.
Which of the following impacts of the terrorist attacks of September 11, 2001, would not show up as a direct loss to GDP?
a. The loss of jobs in the WTC b. The loss of restaurant income near ground zero c. The loss of WTC itself d. The loss of rental income to landlords for buildings near ground zero e. The loss of jobs in the surrounding area.
We do not add up the value of all intermediate goods produced in 2000 and record them as part of 2000 GDP
Indicate whether the statement is true or false
Suppose a market has the demand function Qd=20-0.5P. Using the midpoint method, what is the price elasticity of demand between $30 and $40?