American manufacturers rapidly dropped waterwheels when the steam engine was introduced
Indicate whether the statement is true or false
False
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If the price of a a good increases by 10 percent and the quantity supplied increases by 5 percent, then the elasticity of supply is
A) greater than one and supply is elastic. B) negative and supply is inelastic. C) less than one and supply is elastic. D) less than one and supply is inelastic. E) greater than one and supply is inelastic.
If the local airport decides to pay monetary compensation to the people on whom the airport's operation has imposed costs, it should compensate the people who
A) currently live nearby. B) currently live nearby and are also tenants. C) currently live nearby and also own the residences in which they live. D) owned nearby residences when the airport was built. E) owned nearby residences when the airport was built and who have not been able to sell their residences since the construction of the airport.
In the simple deposit expansion model, a decline in checkable deposits of $500 when the required reserve ratio is equal to 20 percent implies that the Fed
A) sold $250 in government bonds. B) sold $100 in government bonds. C) sold $50 in government bonds. D) purchased $100 in government bonds.
Which of the following would have the lowest switching costs?
a. a customer ordering from Papa John's instead Pizza Hut b. an individual getting rid of a PS3 game system and beginning to use a Wii game system c. a company changing from a QWERTY keyboard to a keyboard with a different format d. a customer moving a bank account from one bank to another