In the past few centuries, choices have led to a substantial decline in the standards of living around the globe.
Answer the following statement true (T) or false (F)
False
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Which of the following statements is correct?
I. The Fed can periodically and without warning examine member commercial banks to ensure that they are conforming to current banking standards. II. The Fed helps the government collect certain tax revenues and aids in the purchase and sale of government securities. A) I only B) II only C) Both I and II D) Neither I nor II
The entry and exit of firms in a perfectly competitive market is mostly dependent on:
A) the number of firms in the market. B) government regulations. C) profitability. D) the number of consumers in the market.
The perfectly competitive firm's demand curve has
A) a negative slope. B) a positive slope. C) an undefined slope. D) a slope of 0.
How does the concept of elasticity allow us to improve upon our understanding of supply and demand?
a. Elasticity allows us to analyze supply and demand with greater precision than would be the case in the absence of the elasticity concept. b. Without elasticity, we would not be able to address the direction in which price is likely to move in response to a surplus. c. Without elasticity, we would not be able to address the direction in which price is likely to move in response to a shortage. d. Without elasticity, it is very difficult to assess the degree of competition within a market.