A laissez-faire economy has minimal, if any, government regulations or laws affecting the economy.
Answer the following statement true (T) or false (F)
True
A laissez-faire economy has few government regulations or laws.
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Centrally planned economies are not constrained by the problem of scarcity.
Answer the following statement true (T) or false (F)
When the price of pistachio nuts is $7.50 per lb. the quantity demanded is 48 lbs. When the price of pistachio nuts is $9.00 per lb. the quantity demanded is 40 lbs
When the midpoint formula is used to measure the price elasticity of demand we can say that the demand for pistachio nuts is A) completely inelastic. B) relatively, but not perfectly, elastic. C) unit elastic. D) relatively, but not perfectly, inelastic.
Assume that excess reserves are $10 million, demand deposits are $500 million, and total reserves are $135 million. The required reserve ratio is
A) .05. B) .1. C) .2. D) .25.
In the 20th century, tertiary employment accounted for roughly
(a) fifty percent of the total job increases. (b) ninety percent of the total job increases. (c) thirty percent of the total job increases. (d) seventy percent of the total job increases.