If only a small volume of trading can be absorbed without producing wide price swings, a market is
A) liquid.
B) thin.
C) broad.
D) resilient.
B
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Suppose the price of gold is initially 300 U.S. dollars per ounce in New York and 450 Canadian dollars per ounce in Toronto, Canada. If the law of one price holds for gold, the nominal exchange rate is ________ Canadian dollars per U.S. dollar. If Canada experiences inflation, such that the price of gold rises to 510 Canadian dollars per ounce, but the U.S. does not experience any inflation, the nominal exchange rate would be ________ Canadian dollars per U.S. dollar.
A. 0.67; 0.59 B. 1.70; 1.50 C. 0.59; 0.67 D. 1.50; 1.70
If the reciprocal of the slope of a demand curve is calculated, this value is equal to the price elasticity of demand for that good.
Answer the following statement true (T) or false (F)
Before the Great Depression of the 1930s, the majority of government spending took place at the ________ and after the Great Depression the majority of government spending took place at the ________
A) federal level; state level B) federal level; state and local levels C) state and local levels; federal level D) local level; federal level
Since there are no close substitutes for the monopoly's product, the monopoly can charge any price it wishes
Indicate whether the statement is true or false