If the price elasticity of demand for airline travel is 0.52 in the short run and 1.46 in the long run, then the demand for airline travel is ________ in the short run and ________ in the long run
A) elastic; elastic
B) elastic; inelastic
C) inelastic; elastic
D) inelastic; inelastic
C
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When the Federal Reserve purchases a government bond from a primary dealer, reserves in the banking system ________ and the monetary base ________, everything else held constant
A) increase; increases B) increase; decreases C) decrease; increases D) decrease; decreases
A nation can produce two products: steel and wheat. The table below is the nation's production possibilities schedule:
Refer to the above table. If the nation uses all of its resources to produce only wheat, then its production combination will be:
A. A
B. B
C. E
D. F
In the United States, the bulk of health care spending is paid by health insurance companies. Such a system is also called a ________ where consumers of health care pay a nominal fee and the rest is paid by the health insurance provider
A) universal health care system B) third-party payer system C) socialized medicine system D) single-payer system
The U.S. dollar will depreciate in value if
A) the demand curve for U.S. dollars shifts rightward. B) the demand curve for U.S. dollars shifts leftward. C) the supply curve of U.S. dollars shifts rightward. D) Both answers B and C are correct.