If the price elasticity of demand was 4.0 (in absolute terms), a 10 off sale would lead to:
a. a 40 increase in purchases by customers.
b. a 40 decrease in purchases by customers.
c. a 2.5 increase in purchases by customers.
d. a 2.5 decrease in purchases by customers.
Question 2
The equation of exchange states that:
a. government spending = taxes plus the federal budget deficit.
b. the reciprocal of the reserve requirement = the deposit expansion multiplier.
c. the money supply times the velocity of money = the price level times the quantity of goods and services produced.
d. the price level times the velocity of money = the money supply times the quantity of goods and services produced.
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