The new European Central Bank is located in which country?
A) England
B) Italy
C) France
D) Spain
E) Germany
E
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The nominal rate of interest is 4% and the anticipated rate of inflation is 5%. What is the real rate of interest?
A) 1% B) -1% C) 4% D) 9%
The income elasticity of demand refers to:
A. a change in income following a change in quantity demanded. B. the change in income required for quantity demanded to change by 1%. C. the substitution of one good for another as income changes. D. the percentage change in quantity demanded resulting from a 1-percent increase in income.
Answer the following questions true (T) or false (F)
1. "The distribution of income should be determined by the government" is an example of a normative economic statement. 2. Policies based on normative economic ideas tend to increase economic efficiency and improve equity. 3. "An increase in the price of oranges will increase the demand for grapefruits." This statement is an example of a normative economic statement.
Related to the Economics in Practice on page 155: You own a truck and use it to deliver merchandise to retailers and hire a driver to make such deliveries. The speed at which you instruct the driver to drive depends on
A. the price of gasoline only. B. neither the driver's wage nor the price of gasoline. C. the driver's wage only. D. the driver's wage and the price of gasoline.