Suppose that the value of the short-run absolute elasticity of demand for a good is 0.4. Then, we know the long-run absolute price elasticity of demand will be

An increase in a fixed exchange rate from $2.00 per pound to $2.10 per pound is called a(n) ________ of the pound

A) devaluation B) appreciation C) revaluation D) depreciation

Which of the following accurately describes the relationship between mortgage default rates and the 2008 recession?

a. The recession of 2008 triggered the initial increase in the mortgage default rate. b. The rise in the mortgage default rate preceded the recession and it was a major cause of the 2008 economic downturn. c. Both the increase in the mortgage default rate and the economic recession were the result of the stock market crash of 2008. d. The rise in the mortgage default rate and the economic recession were separate issues and there was no relationship between the two.