Per capita GDP in the United States has declined since 1950
a. True
b. False
Indicate whether the statement is true or false
False
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A decrease in supply will cause an increase in price, which will cause a decrease in quantity demanded
a. True b. False Indicate whether the statement is true or false
The demand for bread is less elastic than the demand for donuts; hence, a tax on bread will create a larger deadweight loss than will the same tax on donuts, other things equal
a. True b. False Indicate whether the statement is true or false
________ are funds that banks have on hand or on deposit with the Fed to promote banking safety, to facilitate interbank transfers of funds, to satisfy the cash demands of their customers and to comply with Federal Reserve regulations
a. reserves b. token money c. checks d. none of the above
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point A to Point B, ________ additional OLED TVs could be produced when the production of LCD TVs is reduced by 30.
A. exactly 20 B. more than 20 C. fewer than 20 D. exactly 90