The more inelastic the market demand curve or a commodity, the more prices will ________
Fill in the blank(s) with correct word
Fall in the case of a bumper crop or rise in the vase of a drought
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Which of the following occurs when a market is efficient?
A) Producers earn the highest income possible. B) Production costs equal total benefit. C) Consumer surplus equals producer surplus. D) Scarce resources are used to produce the goods and services that people value most highly. E) Every consumer has all of the good or service he or she wants.
MFP growth represented by a will be lower than the growth of labor productivity if
A) k > n. B) k < n. C) k = n. D) None of the above. The relative size of k and n do not affect MFP growth.
Assume First Central Bank has a desired reserve ratio of 15 percent; $80,000 in total deposits, loans equal to $60,000, and has $20,000 in actual reserves. First Central can make additional loans totaling
A) $8,000. B) $12,000. C) $20,000. D) $60,000. E) $80,000.
If a Fed __________ other than bank reserves falls and there are no offsetting entries elsewhere on the Fed's balance sheet, then bank reserves must __________
A) asset; fall B) asset; rise C) liability; fall D) liability; rise