Traveler's checks are included in
A) M1 only. B) M2 only.
C) both M1 and M2. D) neither M1 nor M2.
C
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The price elasticity of demand for an agricultural product is 0.4. This value means that, when the quantity decreases 1 percent, the price
A) falls 4 percent. B) rises 4 percent. C) falls 2.5 percent. D) rises 2.5 percent. E) rises 0.25 percent.
A firm's demand for labor is
A. its MRP schedule. B. determined by the going wage rate. C. shaped mainly by the supply of labor.
Gresham's Law
A) deals with the theory of regulatory forces in the economy. B) is the tendency for good money to drive bad money out of circulation. C) is the tendency for bad money to drive good money out of circulation. D) was passed in 1913, as part of the Federal Reserve Act.
One major problem with concentration ratios is that they fail to take into account:
A. The localized market for products B. Excess capacity in production C. Price leadership D. Mutual interdependence