If quantity demanded for rice falls by 4% when price increases 8%, we know that the absolute value of the own-price elasticity of rice is:
a. 2.5

Which of the following is NOT a source of borrowings for a bank?

A) federal funds B) Eurodollars C) transaction deposits D) discount loans

Will's Franks originally sold hotdogs and soft drinks from a cart located in front of City Hall. Then Will purchased another hotdog cart and hired someone to sell hotdogs and soft drinks near the high school. Both locations have been successful. When

Will's Franks expanded to two locations, which of the following did NOT occur? A) Will's production function changed. B) Production increased. C) The company increased the inputs it employs. D) The firm employed additional capital.