All things equal, the price elasticity of supply:
a. will be greater in the short run than in the long run.
b. will be greater in the long run than in the short run.
c. is the same for the short run and the long run.
d. approaches zero in the long run.
b
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In the consumer choice problem, consumers are confronted with which of the following? a. A set of different consumer goods and services to choose from
b. A set of prices for those goods and services. c. A finite budget that constrains the quantity of goods and services that consumers can buy. d. Preferences or utility associated with consuming different quantities of each of the different goods and services. e. All of the above answers are correct.
When a check is cleared against Bank A after being deposited at Bank B, _____
a. both Bank A's and Bank B's liabilities increase b. both Bank A's and Bank B's liabilities decrease c. Bank A's liabilities increase and Bank B's liabilities decrease d. Bank A's liabilities decrease and Bank B's liabilities increase e. there is an increase in the liabilities of the Federal Reserve
An increase in wages can cause a relatively big decrease in employment when
a. product demand is inelastic b. labor demand is elastic c. there is a closed shop d. the MRP curve is inelastic e. the MRP curve shifts to the right
Which one of the following is a tool of monetary policy for altering the reserves of commercial banks?
a. Issuing currency b. Acting as the fiscal agent for the Federal government c. Check collection d. Open-market operations