The purpose of a financial sector is ________
A) to minimize the payments firms make to state and local governments
B) to maximize the payments firms make to state and local governments
C) to channel funds away from households and firms with surplus funds
D) to channel monies into socially acceptable causes
C
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Assuming price elasticity of demand is reported as an absolute value, an elastic demand has an elasticity:
A. greater than one. B. less than one. C. exactly one. D. greater than zero and less than one.
Recall the Application about price discrimination using refillable soda bottles to answer the following question(s).According to the Application, who are the customers who have a more elastic demand?
A. the consumers who bring refillable bottles to get a discount B. the consumers who buy the disposable bottles C. all consumers D. the consumers who do not buy soda through refillable or disposable bottles
We cannot predict the effect on the equilibrium quantity, but know that the market clearing price will increase when
A. supply decreases and at the same time demand increases. B. supply and demand decreases simultaneously. C. supply and demand increases simultaneously. D. supply increases and demand increases simultaneously.
In what sense do self-fulfilling expectations determine the acceptability of a medium of exchange?
A) People like to do what the government expects them to do. B) People value something as money only if they believe others will accept it from them as payment. C) People expect that money will never lose its value. D) People expect that eventually every country will use the same medium of exchange.