When the price of a product is increased 10 percent, the quantity demanded decreases 15 percent. The price elasticity of demand for this product is
A. -67.
B. -0.67.
C. -0.15.
D. -1.5.
Answer: D
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The federal funds rate:
A. can never be close to zero. B. may sometimes be targeted at zero. C. is an intermediate target of the Fed's monetary policy. D. is always slightly higher than the discount rate.
The money multiplier is
A) Assures that excess reserves will be driven to zero. B) The number of times GDP can be increased by expansion of the money supply. C) Is equal to the fractional reserve requirement ratio times total reserves. D) None of the above.
Public goods are
A. rival in consumption, and their benefits are nonexcludable. B. rival in consumption, and their benefits are excludable. C. nonrival in consumption, and their benefits are excludable. D. nonrival in consumption, and their benefits are nonexcludable.
The percentage of the American workforce employed in the manufacturing sector has been steadily declining over the past 50 years.
Answer the following statement true (T) or false (F)