Refer to the above graph. When the quantity of product X sold increases from 8,000 to 10,000, the price elasticity of demand for product X over that range is:

Suppose a bank has $10 million in deposits with no excess reserves, and the reserve requirement is 25%. If the Fed reduces the reserve requirement to 20%, the bank will now have excess reserves of

A) $0. B) $0.5 million. C) $1.5 million. D) $2 million.

A country devaluing its currency reduces the official value of its currency

a. True b. False Indicate whether the statement is true or false