Compared to traditional bank loans, microfinance loans
A. require collateral.
B. have repayments that begin at a much later date.
C. are much larger.
D. are made more frequently to women than to men.
Answer: D
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A market with demand Q = 100 - 3P is currently in equilibrium with 40 units being sold. It follows that the current price elasticity of demand
a. is zero. b. is -1.5. c. is -6. d. cannot be calculated with the information given.
Average fixed cost (AFC)
A) is the fixed cost divided by the average sales price of the final good. B) is the fixed cost divided by the quantity of output produced. C) is $0 when no output is produced. D) is always less than average variable cost (AVC).
Price elasticity of demand refers to the:
a. percentage increase in price in response to a percentage increase in quantity demanded. b. percentage decrease in price in response to a percentage increase in income. c. minimum amount that consumers will pay for a percentage change in quantity demanded or supplied. d. responsiveness of quantity demanded to a change in the price of a good.
Stagflation refers to a situation in which the economy is experiencing:
A. high economic growth and high inflation. B. low economic growth and high inflation. C. high economic growth and low inflation. D. low economic growth and low inflation.