Currency includes
A) paper money and coins.
B) paper money, coins, and checks.
C) paper money and checks.
D) paper money, coins, checks, and savings deposits.
A
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Owners of a coffee shop finds that they can sell 150 donuts a day when the price of a donut is $1.20. When they price donuts at $1, they sell 170 donuts. The absolute value of the price elasticity of demand for donuts is
A) 0.69. B) 1.45. C) 1.00. D) infinity.
Assume that product X has a positive cross elasticity with respect to shoes. If the price of shoes rises
A) the demand for product X will decrease. B) the quantity demanded for product X will increase. C) the demand for shoes will fall. D) the demand for product X will increase.
In a market economy, the distribution of output will be determined primarily by:
A. consumer needs and preferences. B. the quantities and prices of the resources that households supply. C. government regulations that provide a minimum income for all. D. a social consensus as to which distribution of income is most equitable.
Asset transformation can be described as
A) borrowing long and lending short. B) borrowing short and lending long. C) borrowing and lending only for the short term. D) borrowing and lending for the long term.