Four points on a demand schedule are given: $12, 2 units; $10, 3 unit; $15, 5 units; and $2, 4 units. Which combination is inconsistent with the law of demand?
A) $12 and 2 units
B) $10 and 3 unit
C) $15 and 5 units
D) $2 and 4 units
Answer: C
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Which statement most accurately describes the effect financial technology has had on the demand for money in the United States?
A) Advances in financial technology have all increased the demand for money. B) Some advances in financial technology have increased the demand for money while others have decreased it. C) It is not possible to tell what would be the effect because financial technology has not changed over the past three decades. D) Advances in financial technology have all decreased the demand for money. E) Advances in financial technology have had no effect on the demand for money.
If an item has an absolute price elasticity of demand that is greater than 1, we say the demand for the item is
A) elastic. B) inelastic. C) perfectly inelastic. D) unit elastic.