Of the following, which good has the most elastic demand?
A) food
B) breakfast food
C) cereal
D) Post Raisin Bran
E) Post Raisin Brand purchased at a Safeway grocery store
E
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Let's assume Ben can produce 3 units of a material good (M) or 3 units of a spiritual good (S) in a day, while Cal can produce 1 M or 2 Ss in a day. Both Ben and Cal can potentially produce a larger combination of M and S
A) if Ben specializes in S and Cal in M and they exchange with one another. B) if Ben specializes in M and Cal in S and they exchange with one another. C) if Ben specializes in both goods and doesn't exchange with Cal. D) only if Cal finds a way to also produce 3 M and 3 S per day.
If the expected future exchange rate rises, the currency's
A) quantity supplied increases. B) supply decreases. C) supply increases. D) exchange rate falls.