Suppose that the price of a money clip increases from $0.75 to $0.90 and quantity supplied rises from 8,000 units to 10,000 units. Use the midpoint formula to calculate the price elasticity of supply
A) 1.22
B) 1.0
C) 0.82
D) 0.07
A
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A country running a balance of payments surplus in a fixed exchange rate system may have to ____ its currency
a. depreciate b. devalue c. revalue d. appreciate
Members of the Federal Reserve Board of Governors are:
A. selected by the Federal Open Market Committee for 4-year terms. B. selected by each of the Federal Reserve Banks for 4-year terms. C. appointed by the president to staggered 14-year terms. D. appointed by Congress to staggered 14-year terms.
Which of the following is true when a country's trade position is balanced (i.e., NX = 0)?
A) Demand for domestic goods is equal to the domestic demand for goods. B) Demand for domestic goods is greater than the domestic demand for goods. C) Demand for domestic goods is less than the domestic demand for goods. D) Neither a budget surplus nor deficit exists (i.e., G - T = 0).
A graph that maps output against the input required to make that output is called a/an
A. marginal cost function. B. cost function. C. average cost function. D. production function.