The Federal Open Market Committee (FOMC) is made up of the presidents of the Federal Reserve Banks, the secretary of the Treasury, and the chair of the President's Council of Economic Advisers.
Answer the following statement true (T) or false (F)
False
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If the demand for air travel were to change so that business travelers and vacationers have the same price elasticity of demand for air travel
A) airlines would charge the same price to each type of flyer. B) airlines would still charge business flyers a higher fare since the traveler's employer pays anyway. C) airlines would be driven out of business. D) airlines would counter by charging vacationers a higher fare.
The problem of scarce resources
a. means that in some cities there are not enough jobs b. could be solved if the unemployment rate fell c. is that there are not enough resources to satisfy people's unlimited wants d. is that resources are used inefficiently e. can be solved by lowering taxes
Which of the following could cause the supply curve of loanable funds to shift to the left?
a. decrease in productivity b. increase in the rate of interest c. decrease in the rate of interest d. increase in productivity e. expectation that future prices will increase
If a 20% increase in price for a good results in a 15% decrease in quantity demanded, the price elasticity of demand is
a. 0.75. b. 1.25. c. 1.33. d. 1.60.