The long-established trend toward increasing mandatory federal spending was interrupted by the
A. retirement of aging baby boomers.
B. new lunar landing mission.
C. Obama Stimulus Plan of 2009.
D. Medicare prescription drug plan.
Answer: C
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When the price of a good is
A) below the equilibrium price, quantity supplied exceeds quantity demanded and price rises. B) below the equilibrium price, quantity demanded exceeds quantity supplied and price falls. C) above the equilibrium price, quantity supplied exceeds quantity demanded and price falls. D) above the equilibrium price, quantity demanded exceeds quantity supplied and price rises.
If the absolute price elasticity of demand for automobiles is equal to 0.75, we say
A) that demand is inelastic. B) that demand is elastic. C) that there is a strong responsiveness of quantity demanded to automobiles price cuts. D) none of the above is correct.
If a negative externality were present in a market, the social benefit curve would be:
A. above the private demand curve. B. below the private demand curve. C. the same as the private demand curve. D. Cannot say without more information.
If there is a large increase in the price of oil and the Fed wishes to maintain stable output, which of the following should it do?
a. Do nothing, because the self-correcting mechanism will adjust the economy b. Sell bonds in the open market c. Wait, because output seldom changes when there is an increase in the price of oil d. Encourage firms to not adjust the wages they pay e. Buy bonds in the open market