For a given decrease in supply, the condition of demand that will result in the most significant change in quantity is when demand is
A. inelastic.
B. perfectly inelastic.
C. perfectly elastic.
D. elastic.
Answer: C
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Under which of the following circumstances would the government be running a deficit?
A) G = $7 trillion T = $10 trillion TR = $3 trillion B) G = $7 trillion T = $7 trillion TR = $0 C) G = $5 trillion T = $5 trillion TR = $1 trillion D) G = $5 trillion T = $7 trillion TR = $1 trillion
Poverty is defined by the U.S. government as having an income equal to or less than three times an average family's minimum food expenditure as calculated by the U.S. Department of Agriculture.
Answer the following statement true (T) or false (F)
If the nominal interest rate is 5 percent and there is no inflation, then the real interest rate:
A. exceeds 5 percent. B. is less than 5 percent. C. is 5 percent. D. is zero.
Gold is a perfect medium of exchange and measure of value because of its:
A. divisibility, portability, scarcity, and homogeneity. B. divisibility and durability. C. durability and relative scarcity. D. durability and homogeneity.