Match the Correct Answer to Each Statement

question 39

Essay

Match the correct answer to each statement.
(a) The income elasticity of an inferior good is:
(b) The elasticity of supply in the long term is likely to be:
(c) The cross price elasticity of substitute goods is:

(i) positive
(ii) greater than one
(iii) negative

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Definitions:

Bank Failures

Occurrences where a bank is unable to meet its obligations to its depositors or other creditors because it has become insolvent or too illiquid to meet its liabilities.

Commercial Banks

Financial institutions that offer a wide range of services, including deposits, loans, and other financial products to businesses and individuals.

Incomes

Regular financial earnings obtained from labor services or investment gains.

U.S. Currency

The official monetary system of the United States, consisting of the dollar and its denominations.