The poverty rate for Hispanics is ______ than the rate for non-Hispanic whites and ______ than the rate for blacks.
A. higher; slightly higher
B. lower; slightly lower
C. higher; slightly lower
D. lower; slightly higher
C. higher; slightly lower
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The demand for a good is elastic if the price elasticity of demand is:
A. equal to one. B. equal to zero. C. less than one. D. greater than one.
Which of the following is the best example of a pair of complements?
a. ?Milk and coffee b. ?Coffee and tea c. ?CDs and DVDs d. ?Hiking boots and athletic shoes e. ?Paperback books and hard cover books
Answer the following statement(s) true (T) or false (F)
1. A firm that has not shut down in the short run will not shut down in response to a decrease in the marginal costs. 2. For prices greater than the minimum value of average variable cost, the firm's short-run supply curve coincides with its short-run marginal cost curve. 3. Given two supply curves passing through the same point, the flatter one has the higher elasticity. 4. Industry's supply curves tend to be less elastic than the supply curves of individual firms. 5. The elasticity of supply is positive because prices and quantities are always positive.
Suppose a bank has $100 million in checking account deposits with no excess reserves and the required reserve ratio is 10 percent. If the Federal Reserve reduces the required reserve ratio to 8 percent, then the bank can make a maximum loan of
A) $0. B) $2 million. C) $8 million. D) $10 million.