If each 10 percent increase in the price of gasoline reduces by 2 percent the quantity purchased, the price elasticity of demand for gasoline is

Currency outside of banks increases from $100 million to $200 million. This change is considered

A) a currency drain. B) a decrease in the monetary base. C) expansionary monetary policy. D) contractionary monetary policy.

The labor supply curve is typically upward sloping because as the wage rate rises,

a. it will exceed the reservation wages of more individuals b. the opportunity cost of leisure falls c. the demand for the good produced by labor increases d. the marginal revenue product of labor falls e. the marginal revenue product of labor rises