Which definition of the money supply includes credit cards?
a. M1.
b. M2.
c. M3.
d. None of these includes credit card balances.
d
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When income increases from $20,000 to $30,000 the quantity of inter-city bus trips taken per year decreases from 10 to 8. Hence
A) inter-city bus trips are a normal good. B) the income elasticity of demand for inter-city bus trips is -1.8. C) the income elasticity of demand for inter-city bus trips is -0.56. D) Both answers A and B are correct. E) Both answers A and C are correct.
Which of the following statements is not valid when supply is perfectly elastic?
a. The elasticity of supply approaches infinity. b. The supply curve is horizontal. c. Very small changes in price lead to very large changes in quantity supplied. d. The time period under consideration is more likely a short period rather than a long period.