The responsiveness of demand to changes in income holding the good's relative price constant is
A) price elasticity of demand.
B) income elasticity of demand.
C) elasticity of supply.
D) cross price elasticity of demand.
Answer: B
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What will be an ideal response?
Initially a firm pays a wage and gets an output per worker which are given index numbers of 1.00. Five possible 3 percent increases in the wage and the accompanying output per worker are as follows:
1.03 and 1.09, 1.06 and 1.17, 1.09 and 1.24, 1.13 and 1.29, 1.16 and 1.31. What is the efficiency wage? A) 1.03 B) 1.06 C) 1.09 D) 1.13 E) 1.16
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a. True b. False Indicate whether the statement is true or false
The Federal Reserve banks are owned by: a. the citizens of each Federal Reserve district. b. the American people as a whole
c. the Federal Government. d. commercial banks.