The money supply in an economy declines when, other things equal, _____.
a. government spending exceeds borrowing
b. government borrowing exceeds tax revenues and there is a deficit
c. government borrowing exceeds the government deficit
d. government spending exceeds tax revenues
e. government spending exceeds borrowing and there is a surplus
Question 2
Shari and Mary have a business that provides personal fitness training services. They know that after raising their prices from 40 to 60 per hour, the quantity of hours they spent delivering training services fell from 90 to 50 hours per week. The demand for their services is:
a. inelastic, with a price elasticity coefficient greater than one.
b. inelastic, with a price elasticity coefficient less than one.
c. elastic, with a price elasticity coefficient greater than one.
d. elastic, with a price elasticity coefficient less than one.
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