An increase in subway fares in New York City will boost your expenditures on subway rides if
A) the supply of subway rides is elastic.
B) the supply of subway rides is inelastic.
C) your demand for subway rides is elastic.
D) your demand for subway rides is inelastic.
D
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Asset demand for money is holding money
A. to speculate on the stock market and bonds. B. to meet unplanned expenditures and emergencies. C. as a store of value instead of other assets. D. as a medium of exchange to make payments.
New technology for producing plywood is developed. Which of the figures above best illustrates this change?
A) Figure A B) Figure B C) Figure C D) Figure D E) Figure A and Figure D
A maximum wage law, as opposed to a minimum wage law, would be considered a
A. price ceiling. B. price floor. C. tax on businesses. D. sales tax.
To ensure that your salary maintains its real purchasing power from year to year, your nominal salary must be:
A. aggregated. B. hyperinflated. C. deflated. D. indexed.