A product would be more demand price elastic:
a. the shorter the time the consumer has to adjust to price changes.
b. the lower the price of the good.
c. the fewer the number of good substitutes.
d. the less the essential nature of the good.
e. if the supply is more price elastic.
d
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If the price elasticity is between 0 and 1, demand is
A) elastic. B) inelastic. C) unit elastic. D) perfectly elastic.
In the 1970s, the Fed selected an interest rate as an operating target rather than a reserve aggregate primarily because it
A) had no interest in targeting a monetary aggregate, as evidenced by its unwillingness to target a reserve aggregate. B) was still very concerned with achieving interest rate stability. C) was committed to targeting free reserves. D) was committed to the real bills doctrine.