Because Product X has a very small, positive income elasticity of demand, it is likely that product X is a

If the money multiplier is 10, the sale of $1 billion of securities by the Fed on the open market causes a

A) $10 billion decrease in the money supply. B) $1 billion decrease in the money supply. C) $1 billion increase in the money supply. D) $10 billion increase in the money supply.

According to figure 1.1, the favorite explanation for continuing poverty in America was "lack of effort" by the poor

Indicate whether the statement is true or false