Tariff is a legal limit on the amount of a commodity that can be imported

If 400 apple pies are sold at $4 per pie, but 600 apple pies are sold at $3 per pie, we know: a. that the demand for pies is elastic over that price range

b. that the demand for pies is inelastic over that price range. c. that the demand for pies is unit elastic over that price range. d. nothing about the elasticity of demand.

The Fed seeks to promote stability of financial markets because

A) they want to lift the self-esteem of workers. B) Congress directed them to do so by the Employment Act of 1946. C) lower output occurs over time when there is not an efficient matching of savers and borrowers. D) unstable markets result in increased efficiency.