The demand for necessities generally is ________ the demand for luxury goods
A) as elastic as
B) more elastic than
C) less elastic than
D) flatter than
E) not comparable to
C
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The percentage of money income earned by the lowest fifth of families in the U.S. was ________ in 1960 and ________ in 2010
A) 41.3%; 47.8% B) 15.9%; 20.0% C) 12.2%; 9.5% D) 4.8%; 3.8%
To calculate the price elasticity of demand we divide
A) the average price by the average quantity demanded. B) the percentage change in quantity demanded by the percentage change in price. C) rise by the run. D) the percentage change in price by the percentage change in quantity demanded.
When the Fed uses money growth rates as an intermediate target, it implicitly assumes that the velocity of money is constant over time, at least in the short run
a. True b. False Indicate whether the statement is true or false
Which of the following will benefit by an unexpected increase in inflation?
a. a union member with a COLA wage contract b. someone with a large stash of cash in a safe deposit box c. a bank lending money at a fixed rate of interest d. a person who is not due to receive a pay raise for another 11 months