According to the 1860 census, the top employer in manufacturing was the _______ industry
a. boots and shoes
b. cotton textile
c. flour and meal
d. iron
a. boots and shoes
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If the Federal Reserve System buys government securities from commercial banks and the public, then ________.
A. the money supply will contract B. commercial bank reserves will decline C. commercial bank reserves will be unaffected D. it will be easier to obtain loans at commercial banks
Needs and wants are different. Wants are things that are:
a. Crucial, have to have b. Desired, but not necessary for survival c. Economic only d. Important for getting ahead
The price of X falls by ten percent, and the quantity demanded of X increases by ten percent. Meanwhile, the quantity demanded of Y increases by ten percent too. We would conclude that
A) demand for X is elastic, and X and Y are substitutes. B) demand for X is elastic, and X and Y are complements. C) demand for X is unit-elastic, and X and Y are complements. D) demand for X is inelastic, and X and Y are unrelated.
On a Phillips curve diagram, a decrease in the rate of inflation, other things being equal, is represented by a(n):
a. upward shift of the Phillips curve. b. downward movement along Phillips curve. c. upward movement along the Phillips curve. d. downward shift of the Phillips curve.