Which of the following is not an example of economic regulation?
a. Preventing a firm from starting up in a town.
b. Maintaining a minimum price for a good.
c. Restricting the use of hazardous materials without proper protection.
d. Requiring a minimum amount of goods produced in a given year.
c
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Assuming all excess reserves are loaned out, currency holdings by the public are zero, and a reserve ratio of 20 percent, an initial deposit of $850 will lead to total deposits of
A) $425. B) $850. C) $4,250. D) $42,500.
The Mass Rapid Transit (MRT) System in Hong Kong has been running significant losses. Transport Ministry officials have argued over whether to raise fares to combat the losses
One argument against a fare increase is that it will aggravate traffic congestion on the streets during peak commuter hours. Suppose that the current fare is $4 and the government is considering raising it to $6. Officials estimate that this reduces the number of rides purchased from 10,000 to 8,000 per day. a. Using the midpoint formula, what is the estimated elasticity of demand for MRT rides? b. What does this elasticity of demand suggest to you about what will happen to total revenue earned by the transit system if the fare increase happens? c. Last year, the MRT system incurred a loss of $50,000 per day. Do you think the fare increase will resolve the deficit problem as well as Ministry officials anticipate? Explain.
The assumption of variable velocity translates to, in IS-LM analysis, __________ curves
A) downward sloping IS B) vertical IS C) upward sloping LM D) vertical LM
Which of the following is not a reason it is harder to unionize in the fast growing service industry? a. Service sector jobs are often in small firms, making it difficult to organize large numbers of employees across the industry. b. Service industry jobs are often standardized, reducing the need for unions to negotiate working conditions. c. Employees in the service sector often work more
closely with management. d. Service industry jobs are more varied, making it harder to negotiate as a group.