If demand for lima beans is inelastic, a poor lima bean harvest could increase the total revenue of lima bean producers
a. True
b. False
Indicate whether the statement is true or false
True
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The National Bank Act
a. stemmed the credit expansion that banks generated by holding each other's deposits b. avoided wholesale shifts of deposits between city and country banks c. was instrumental in averting the 1907 Knickerbocker disaster d. helped to avoid financial panics and recessions e. tightened the money supply, but was by no means the banking industry's panacea
Keynes believed that
A) the internal structure of the economy is extremely competitive and that wage-price flexibility exists. B) monopolistic elements in the economy prevent immediate and sharp price declines in response to falling demand. C) even though there are monopolistic elements in the economy, wage-price flexibility exists. D) in spite of the competitiveness of the economy, wage-price flexibility does not exist.