Refer to the scenario above. Which of the following combinations will lie above Jack's production possibilities curve?
A) 2 paintings and 3 sculptures
B) 5 sculptures only
C) 10 paintings only
D) 3 paintings and 5 sculptures
D
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Jim saw a decrease in the quantity demanded for his firm's product from 800 . to 600 . units a week when he raised the price of the product from $200 to $250 . What is Jim's own price elasticity of demand?
a. 1.29 b. 1 c. 0.25 d. 0.78
If the economy is experiencing an inflationary gap, classical economists argue that the Federal Reserve should lower interest rates
a. True b. False Indicate whether the statement is true or false
Discuss the fractional reserve system and why it is important.
What will be an ideal response?
The crowding-in effect depends on the sensitivity of investment to
A. GDP, as does the crowding-out effect. B. interest rates, whereas the crowding-out effect depends on the sensitivity of investment to GDP. C. interest rates, as does the crowding-out effect. D. GDP, whereas the crowding-out effect depends on the sensitivity of investment to interest rates.