We use percent-changes in the formula for estimating the price elasticity of demand coefficient in order to:
A. Make the coefficient's value become independent of whether price goes up or down
B. Take the midpoints of P and of Q in the computation
C. Eliminate the negative sign of the coefficient
D. Make it irrelevant how we measure price: be it in cents, in dollars, or in thousands of dollars
D. Make it irrelevant how we measure price: be it in cents, in dollars, or in thousands of dollars
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The one organization that has the power to change the total amount of reserves in the banking system is the
A) Executive Branch of the Federal Government. B) U.S. Treasury. C) Federal Reserve System. D) Congress.
Suppose the US imposes tariffs on China, which retaliates with tariffs of its own. The ensuing trade war causes both countries to begin producing goods at higher costs than before because of the loss of comparative advantage. The result is a direct effect on the production function, which causes the ________ to shift ________.
A. LM curve; left B. FE line; left C. IS curve; left D. IS curve; right
The productivity speed-up of the 1950s and the 1960s could have been caused by
a. wartime innovations. b. civilian innovations after World War II. c. industrial innovations spurred by the Korean and Vietnam conflicts. d. decreases in the rate of population growth.
After his father lost his job, Jack was forced to drop out of school. In this scenario unemployment resulted in _____
a. a loss of lifetime earnings b. a loss of human capital c. deterioration of health d. a loss of social cohesion