The pattern of inflation around the world has been very _____________.
a. mixed
b. steady
c. static
d. flat
a. mixed
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A ____ is a type of derivative in which the seller promises to pay the buyer of a particular security the value of that security if it goes into default.
A. credit default swap B. derivative C. mortgage-backed security D. futures contract
Jerome says that he will spend exactly $25 each month on new apps for his mobile device, regardless of the price of apps. Jerome's demand for apps is
a. perfectly elastic. b. unit elastic. c. perfectly inelastic. d. somewhat inelastic, but not perfectly inelastic.
Related to the Economics in Practice on page 102: Harriet runs a corner delicatessen and one day decides to raise her prices by 20 percent. Total revenue is likely to ________ when she first raises prices since demand is relatively ________ in the short term.
A. rise; inelastic B. rise; elastic C. fall; elastic D. fall; inelastic
If the cross elasticity of demand between goods A and B is positive
A) the demands for A and B are both price elastic. B) the demands for A and B are both price inelastic. C) A and B are complements. D) A and B are substitutes.