The demand curve for a product will shift rightward when the price of a substitute decreases
a. True
b. False
B
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If a 2 percent change in price leads to a ________ percent change in the quantity demanded, then demand is ________
A) 2; elastic B) 1; unit elastic C) 3; inelastic D) 1; inelastic E) 0; perfectly elastic
Refer to Figure 9-1. Suppose the government allows imports of leather footwear into the United States. What will be the quantity of imports?
A) 5 units B) 10 units C) 15 units D) 20 units
The government tries to protect the competitive economic system by passing and enforcing
A) price controls. B) tariff legislation. C) antitrust laws. D) building codes and zoning laws.
Refer to the information provided in Scenario 25.2 below to answer the question(s) that follow.SCENARIO 25.2: The following table shows the changes in deposits, reserves, and loans of 4 banks as a result of a $100,000 initial deposit in Bank No. 1. Assume all banks are loaned up.
Refer to Scenario 25.2. What is the required reserve ratio?
A. 4% B. 5% C. 8% D. 10%