Money is said to be liquid because it is immediately available to spend for goods
a. True
b. False
Indicate whether the statement is true or false
True
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The price elasticity of demand for widgets is -0.80. Assuming no change in the demand curve for widgets, a 16% increase in sales implies a _______ reduction in price.
A. 40% B. 1% C. 12% D. 20%
In the struggle to control the power of big business which emerged between the Civil War and World War I, the nation
(a) relied heavily on the principles of government expounded by the Founding Fathers such as Thomas Jefferson. (b) slowly changed into the modern regulated economy. (c) decided ultimately that big business was here to stay and should be allowed to operate without government interference. (d) began a policy of government ownership of business in important sectors of the economy.
Which of the following was not a contributing factor to the high rate of bank failures in the 1980s and 1990s?
a. Falling farm prices b. The introduction of Automated Teller Machines (ATMs) c. Falling land values d. Bad loans to Mexico and other less-developed countries e. Risky investments
What causes the Tragedy of the Commons? (i) Social and private incentives differ. (ii) Common resources are not rival in consumption and are not excludable. (iii) Common resources are not excludable but are rival in consumption
a. (i) only b. (ii) only c. (i) and (ii) only d. (i) and (iii) only