If the price of a product is lowered from 300 to 270, and as a result the quantity demanded increases from 25 to 30 units, we know that in that range:
a. demand has declined.
b. demand is elastic.
c. demand is unit elastic.
d. demand is inelastic.
e. demand is perfectly elastic.
Question 2
If unemployment is the major problem in the economy, which of the following would be an appropriate monetary policy response?
a. decrease the required reserve ratio
b. decrease the interest rate the Fed pays on bank reserves
c. buy government bonds
d. all of the above
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