Imports are
A. people who work in foreign countries.
B. an example of an economic model.
C. whatever is given up to obtain some item.
D. goods produced abroad and sold domestically.
Ans: D. goods produced abroad and sold domestically.
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A bank with insufficient reserves can increase its reserves by
A) lending federal funds. B) calling in loans. C) buying short-term Treasury securities. D) buying municipal bonds.
Which of the following statements is true?
a. If the income elasticity of demand is less than zero, the good is an inferior good. b. Only if the demand curve is vertical will sellers raise the price by the full amount of a tax. c. Two goods are substitutes if the cross-elasticity of demand coefficient is positive. d. A price elasticity of supply coefficient equal to 1.5 means the product exhibits an elastic supply and a 10 percent increase in the price will increase the quantity supplied by 15 percent. e. All of these.