The costs of changing price tags and price listings are known as
a. inflation-induced tax distortions.
b. relative-price variability costs.
c. shoeleather costs.
d. menu costs.
d
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Price elasticity of demand and price elasticity of supply are both influenced by
a. the availability of close substitutes for the product b. the proportion of the consumer's budget spend on the product c. the length of the adjustment period considered d. technological conditions such as the additional costs of increasing production e. none of the above
Suppose the equilibrium price of bread is $2.00 per loaf. If the government sets a price ceiling of $1.50 per loaf: a. the equilibrium price of wheat will fall and a shortage of wheat will be created. b. the quantity of wheat supplied will increase
c. the quantity of wheat demanded will decrease. d. there will be a shortage of bread.
When a bank buys a bond from the Fed
A. its reserves initially increase. B. its liabilities decrease. C. its reserves initially decrease. D. its liabilities increase.
________ countries were part of the euro currency union at the time of its creation.
A. 12 B. 16 C. 19 D. 17