Given the availability of California oranges, demand for Florida oranges will
a. be less elastic than if there were no California oranges
b. be more elastic than if there were no California oranges
c. have the same elasticity as it would if there were no California oranges
d. be perfectly elastic
e. be perfectly inelastic
B
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The price elasticity of demand for an agricultural product is 0.4. This value means that, when the quantity decreases 1 percent, the price
A) falls 4 percent. B) rises 4 percent. C) falls 2.5 percent. D) rises 2.5 percent. E) rises 0.25 percent.
If the economy is inflationary, the Fed would most likely:
A. encourage banks to provide loans by buying government securities. B. encourage banks to provide loans by raising the discount rate. C. encourage banks to provide loans by selling government securities. D. restrict bank lending by selling government securities.