Which of the following is NOT an important factor that affects the magnitude of the own price elasticity of a good?
A. Available substitutes
B. Supply of the good
C. Expenditure share
D. Time
Answer: B
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Which of the monetary policy tools can alter both the level of excess reserves and the money multiplier?
A. The reserve requirement B. The discount rate C. Open-market operations D. The federal funds rate
In time series data, it is useful to think of a randomized controlled experiment
A) consisting of the same subject being given different treatments at different points in time B) consisting of different subjects being given the same treatment at the same point in time C) as being non-existent (this is a time series after all, and there are no real "parallel universes" D) consisting of the at least two subjects being given different treatments at the same point in time
If production involves constant opportunity cost, the production possibilities curve
a. is "bowed inward." b. is a straight line. c. is "bowed outward." d. is a wavy line. e. has an unpredictable shape.
Money is:
A. controlled by the supply and demand of goods and services on which our money is spent. B. represented only by the amount of dollars and coins in our economy. C. the set of all assets that are regularly used to directly purchase goods and services. D. anything that we use to buy goods and services as long as it is not a good itself.