The ________ can change the quantity of money in the economy.
A. Treasury Department
B. Federal Reserve
C. Office of the Comptroller of the Currency
D. Congress
Answer: B
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Two economists from Ohio University estimated that the demand curve for kerosene in Indonesia was such that a 10 percent increase in the price reduced the quantity demanded by 2.2 percent and that a 10 percent increase in the price of electricity increased the demand for kerosene by 1.6 percent. This indicates that (i) the demand for kerosene is price inelastic and (ii) kerosene and electricity are substitutes. Which of these two statements is correct?
A. i and ii B. i not ii C. ii not i D. neither i nor ii
People:
A. often have good enough information to make acceptable choices. B. always have enough information to make acceptable choices. C. always have access to complete information. D. never have access to complete information.
Economists use the term "ceteris paribus" to indicate that: a. the analysis is true for the individual but not for the economy as a whole
b. supply and demand are in balance. c. their conclusions are based on normative rather than positive economic analysis. d. other things are assumed to remain constant.
Ceteris paribus, if the price of lumber increases, we would expect an increase in the supply of lumber
a. True b. False Indicate whether the statement is true or false