Keynesians identify three principal motives for demanding money. They are the:
a. transactions demand, precautionary demand, and liquidity motive.
b. transactions demand, precautionary demand, and convertibility motive.
c. transactions demand, speculative demand, and volatility motive.
d. transactions demand, speculative demand, and liquidity motive.
e. transactions demand, speculative demand, and precautionary demand.
e
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In the figure above, an
A) efficient output results, but the firm incurs a loss per household which must be subsidized in some way. B) inefficient output results, though the firm covers its costs. C) efficient output results, though marginal costs exceed average total costs. D) inefficient output results because the firm cannot cover its costs. E) efficient output results because consumer surplus is maximized.
If a consumer increases her quantity of ice cream consumed by 100% when her income rises by 25%, then her income elasticity of demand for ice cream is
A) 8.0. B) 4.0. C) .25. D) .08.