According to Martha Olney why did blacks buy on installment at almost twice the rate of whites?
a. Installment contracts were formal and could be used legally for repossession while credit agreements could not.
b. Blacks did not like to buy things on credit.
c. Blacks were more likely than whites to purchase goods that required installment purchases.
d. It was easier for blacks, who tended to have lower income than whites, to pay off their debts on a regular schedule that the installment plans offered.
a. Installment contracts were formal and could be used legally for repossession while credit could not.
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Which of the following is the best approach to code the missing values in a data set??
A. ?Indicate missing values with nonnumeric characters. B. ?Set any numerical codes for missing values to some other character. C. ?Enter 999 or -1 as the missing values. D. ?Do not enter any value.
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.
A higher exchange rate for the U.S. dollar means that
A) the U.S. dollar trades for less foreign currency. B ) the U.S. dollar trades for more foreign currency. C) foreign currency has risen in value relative to the dollar D) the U.S. dollar has fallen in value relative to the foreign currency.
In the above figure, if initial equilibrium is at point A and if there is an unanticipated increase in aggregate demand from AD1 to AD2, then
A. in the short run real output will remain at Y1. B. in the long run real output will increase above Y1. C. in the short run real output will increase above Y1, but in the long run it will return to Y1. D. real output will increase above Y1 in both the short run and in the long run.