If the Federal Reserve sells $1,500 in bonds and the resulting money supply change is $7,500, what is the required reserve ratio?

The stage of industrial development during the early part of the 20th century is usually referred to as Fordism. The characteristics of this system include all of the following except

(a) Moving assembly-line production (b) Mass production of relatively inexpensive consumer goods (c) The extensive use of skilled labor to produce complex consumer goods (d) Consumer durable goods purchased on installment credit

If a good has an income elasticity of demand greater than 1, one might classify that good as

A) a necessity. B) a luxury. C) unusual. D) inelastic.