Gabriela recently got a 10 percent raise. She now purchases 30 percent more in groceries on a weekly basis. Gabriela's income elasticity for groceries is
a. 0.33.
b. 0.5.
c. 1.
d. 3.
D
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All of the following are good examples of network externalities except:
A. cigarettes. B. computer software. C. Facebook. D. the Internet.
A firm's isocost line shifts parallel inward from the original isocost line as its
A. total cost for capital and labor decreases. B. total cost for capital decreases and its total cost for labor increases. C. total cost for capital and labor increases. D. total cost for capital increases and its total cost for labor decreases.
During the Revolutionary War, the Pennsylvania legislature attempted to aid the Continental Army by setting wage floors for soldiers in the army.
Answer the following statement true (T) or false (F)
The Federal Open Market Committee has responsibility for
A) advising the Treasury Department on monetary policy. B) printing money. C) issuing orders to buy or sell government securities for the Fed. D) appointing members to the Board of Governors of the Federal Reserve system.