The elasticity of supply equals ________ if the supply curve is vertical
A) 0
B) 1
C) infinity
D) -1
A
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Identify the correct definition of the federal funds rate
A) The federal funds rate is the interest rate at which the Fed lends money to households. B) The federal funds rate is the interest rate at which banks lend money to the Fed. C) The federal funds rate is the interest rate at which banks lend their deposits with the Fed to other banks. D) The federal funds rate is the interest rate at which the Fed lends money to business firms.
The number of part-time workers for economic reasons ________ during recessions and the number of part-time workers for noneconomic reasons ________ during recessions
A) increases; increases B) increases; decreases C) increases; does not change D) does not change; does not change E) decreases; increases
Refer to Figure a. Charlie and Joe both want to ride shotgun with their mother, so they play a game of rock-paper-scissors to determine who gets to sit in the front seat. In the table, -1 represents a loss, 1 a win and 0 a tie, and Joe's payoff is shown in the upper left-hand corner of each cell, while Charlie's appears in the lower right-hand corner. If Joe knows Charlie thinks he always throws scissors, what is Joe's best response?
A. Rock
B. Paper
C. Scissors
D. The answer cannot be determined from the information given.
When a country allows trade and becomes an exporter of a good,
a. consumer surplus and producer surplus both increase. b. consumer surplus and producer surplus both decrease. c. consumer surplus increases and producer surplus decreases. d. consumer surplus decreases and producer surplus increases.