Which of the following examples would most likely be the least elastic?
a. hockey sticks
b. tennis racquets
c. sports equipment
d. baseball bats
c. sports equipment
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
Suppose the Fed increases the money supply. As a result of this, people go out and spend more money on consumer goods, increasing aggregate spending. This is known as a(n)
A) indirect effect of monetary policy. B) direct effect of monetary policy. C) indirect effect of fiscal policy. D) direct effect of fiscal policy.
Why is the eurozone called a currency union?
What will be an ideal response?
Permanent resource price differentials are caused by
a. differences in resource quality b. differences in the time and training required to perform the job c. differences in nonmonetary aspects of the job d. a lack of resource mobility e. all of the above