The two characteristics of a competitive market are 1) many buyers and sellers in the market and 2) the goods offered by the various sellers are highly differentiated

A good is considered normal when its income elasticity of demand is ___ and inferior when the its income elasticity of demand is ___

a. Greater than zero, less than zero. b. Less than zero, greater than zero. c. Greater than one, less than one. d. Less than one, greater than one.

Over the two-year period during which the financial crisis occurred, the amount of assets in the Federal Reserve balance sheet increased by:

A. 6 times. B. 3 times. C. 4.5 times. D. 2.5 times.