An income elasticity (Ey) of 2.0 indicates that for a ____ increase in income, ____ will increase by ____
a. one percent; quantity supplied; two units
b. one unit; quantity supplied; two units
c. one percent; quantity demanded; two percent
d. one unit; quantity demanded; two units
e. ten percent; quantity supplied; two percent
c
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Which of the following is not a method to internalize or adjust for externalities?
A. persuasion B. assignment of property rights C. unilateral transfers D. voluntary agreements
12. At the national level, how many members are appointed by the president of the United States and confirmed by the Senate to serve on the Board of Governors?
a. 5 b. 6 c. 7 d. 8
In the United States, the parity system and commodity support program have historically covered only three basic farm products: wheat, corn, and tobacco
Indicate whether the statement is true or false
The four key markets that coordinate the circular flow of income are
a. goods and services, resources, loanable funds, and foreign exchange. b. consumption, investment, stock, and government. c. government, household goods, bond, and business. d. financial, corporate, stock, and loanable funds.