The supply curve in a market is vertical instead of upsloping whenever:
A. All buyers are willing to pay only one price for the item
B. Sellers have no flexibility in setting the price of the item
C. Buyers want to buy a fixed quantity regardless of price
D. Sellers have a fixed quantity of the item for sale
D. Sellers have a fixed quantity of the item for sale
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Use the above table. The autonomous consumption in this table is
A) $0. B) $20. C) $50. D) $140.
Which of the following describes a situation in which demand must be elastic?
a. Total revenue increases by 15 percent when the price of corn dogs rises by 15 percent. b. Total revenue increases by less than 15 percent when the price of corn dogs rises by 15 percent. c. Total revenue decreases by more than 15 percent when the price of corn dogs rises by 15 percent. d. Total revenue increases by $15 when the price of corn dogs rises by $15. e. Total revenue increases by more than $15 when the price of corn dogs rises by $15.
The three main monetary policy tools used by the Federal Reserve to manage the money supply are
A) interest rates, tax rates, and government spending. B) tax rates, government purchases, and government transfer payments. C) open market operations, discount policy, and reserve requirements. D) open market operations, the exchange rate of the dollar against foreign currencies, and government purchases.
Savings accounts are included in
A. M1 and M2. B. M2 only. C. M1 only. D. None of the choices are correct.