The more good substitutes there are for a product, the more likely it is that the total revenue for the good in question would increase as a result of an increase in price
a. True
b. False
Indicate whether the statement is true or false
False
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The interest rate on seasonal credit equals
A) the federal funds rate. B) the primary credit rate. C) the secondary credit rate. D) an average of the federal funds rate and rates on certificates of deposits.
Which of the following pairs of goods includes a good that is excludable and rival in consumption as well as a good that is not excludable and not rival in consumption?
a. tablet computer, gym membership at a gym that always has plenty of open equipment and classes b. tablet computer, national defense c. congested nontoll road, national defense d. online music subscription, streetlight
Which statement is false?
A. The problems of the inner city ghettos were just as bad 50 years ago as they are today. B. There was a huge outward migration of middle- and working-class blacks from the ghettos in the 1970s and early 1980s. C. About 2 out of 5 poor blacks live in areas of extreme poverty. D. None of these statements are false.
The Fed increases money supply. In this case, the time lag problem of monetary policy may
A. increase real GDP in the short run. B. decrease the velocity of money in the short run. C. increase the velocity of money in the short run. D. none of the above