Governments may intervene in markets to:
A. reduce consumption certain products deemed "bad".
B. correct a market failure.
C. increase the efficiency of the market.
D. all of the above are reasons why governments intervene in market.
Answer: D
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If a 5 percent increase in the price results in a 9 percent increase in quantity supplied, the elasticity of supply is
A) 0.30. B) 0.55. C) 1.20. D) 1.80.
The official U.S. poverty standard was set in 1963 at $3,000 per year for a family of four.
Answer the following statement true (T) or false (F)
If the required reserve ratio was lowered
A. banks would be prompted to reduce their lending. B. the size of the monetary multiplier would increase. C. the actual reserves of banks would increase. D. None of the choices are correct.
In symbolic terms where Y equals real GDP, POP equals total population, and N equals the number of employed workers, Y/POP must equal:
A. Y/N × N/POP. B. N/Y × N/POP C. N/Y × POP/N. D. Y/POP × N/POP