During the 1990s, the price of VCRs fell by about 30 percent, and quantity sold decreased by the same amount. The demand for VCRs must
A. be inelastic
B. be elastic
C. be unit elastic
D. have shifted to right
E. have shifted to the left
E. have shifted to the left
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Future benefits for Social Security will ultimately be determined by _____
a. population growth b. individual decisions on when to retire c. the existence of private accounts d. voters through the political process
If a country's income level is high:
A. it must be well-endowed with natural resources. B. it must have a high level of growth. C. it usually has a high level of GDP per capita. D. All of these are true.
The reserve-requirement ratio
A. is raised for banks that frequently use the Federal Reserve's discount window. B. applies uniformly to all accounts in all financial institutions. C. has been a relatively passive tool of monetary policy. D. implies a potential deposit expansion multiplier of approximately sixteen.
George spends all his income on sandwiches and juice. George's utility is maximized when he is consuming sandwiches and juice so that the
A) marginal utility from sandwiches equals the marginal utility from juice. B) total utility from sandwiches equals the total utility from juice. C) marginal utility per dollar spent on sandwiches equals the marginal utility per dollar spent on juice. D) marginal utility from sandwiches is at a maximum.