Demand for items people do not really need for their survival, such as cars, is generally ________ than demand for items such as water.
A. higher
B. lower
C. more elastic
D. less elastic
Answer: C
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The formula for an infinite sum is 1 / (1 - b), where b = (1 - reserve ratio)
Indicate whether the statement is true or false
The figure above shows the U.S. supply of labor curve. If there is a simultaneous increase in the nominal wage rate of 10 percent and a 10 percent increase in the price level, there will be a
A) rightward shift of the supply of labor curve. B) movement downward along the supply of labor curve from a point such as A to a point such as B. C) leftward shift of the supply of labor curve. D) movement upward along the supply of labor curve from a point such as C to a point such as B. E) None of the above answers is correct because there is no change in the supply of labor curve.
The demand for a movie ticket is probably _________________ than is the demand for a Broadway show ticket because ______________.
A. less price elastic; a movie ticket requires a smaller portion of one's income. B. more price elastic; a movie ticket requires a smaller portion of one's income. C. less price elastic; a movie ticket has fewer available substitutes. D. more price elastic; a movie ticket has fewer available substitutes.
Many college campuses use student ID cards as a way for students to pay for on-campus expenses, such as books, photocopies, and food. For convenience, some students will maintain a balance on their ID cards. Are these balances a means of payment? Are they a store of value? Explain why or why not.
What will be an ideal response?