Which of the following would show a good that is relatively elastic in supply?
a. ES ÷1
b. ES = 1
c. ES ? 1
d. ES < 1
c. ES ? 1
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The increase in total revenue due to increasing the amount of labor employed by one unit is called the
A) Marginal Product. B) Marginal Revenue Product. C) Average Revenue Product. D) Total Revenue Product.
Which of the following statements best describes price ceilings?
a. A price ceiling that is set at a relatively high level is nonbinding. b. A price ceiling that is set at a relatively low level is nonbinding. c. A price ceiling that is set at a relatively high level will have no practical effect unless the equilibrium price falls below the price ceiling. d. A price ceiling that is set at a relatively low level will have no practical effect unless the equilibrium price soars high enough to exceed the price ceiling.
Large firms are able to lower their costs by taking advantage of ___________________.
Fill in the blank(s) with the appropriate word(s).
The following table is the consolidated balance sheet for the commercial banking system. All figures are in billions. Assume that the required reserve ratio is 10 percent:
Refer to the above information. If there is a deposit of $10 billion of new currency into checking accounts in the banking system, excess reserves will increase by:
A. $1 billion
B. $2 billion
C. $9 billion
D. $10 billion