What was the most important consequence of suburbanization?
A. It made people less dependent on their cars.
B. It was very bad for the construction industry.
C. It left the cities with large concentrations of poor people.
D. It raised the tax bases of most cities.
C. It left the cities with large concentrations of poor people.
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Suppose that the short-run price elasticity of demand for electricity is 0.03, and the long-run price elasticity of demand is 1.2. One would classify the short-run elasticity as being ________ and the long-run elasticity as being ________.
A. inelastic; unit elastic. B. elastic; inelastic. C. elastic; elastic. D. inelastic; elastic.
Suppose the Fed announced a policy of rapid growth in the money supply in 2004, but then put the brakes on money expansion without any announcement. If in 2005, Fed officials announce again that an expansion is planned, it is most likely that:
a. people will believe in the announcement since the conditions that created a need for the expansion are probably still in effect. b. people will believe in the announcement since they consider that having failed to implement the expansion previously, the Fed still plans to do so. c. people will not believe in the announcement since they consider that the conditions that created a need for the expansion must have changed in the meantime. d. people will not believe in the announcement since they consider that having failed to implement the expansion previously, the Fed will probably fail again e. there will be further uncertainty about the Fed following through on the policies it announces.
Opponents of active stabilization policy
a. advocate a monetary policy designed to offset changes in the unemployment rate. b. argue that fiscal policy is unable to change aggregate demand or aggregate supply. c. believe that the political process creates lags in the implementation of fiscal policy. d. None of the above is correct.
A tax is regressive if it collects a:
A. larger amount as income rises. B. constant amount as income rises. C. smaller fraction of income as income falls. D. smaller fraction of income as income rises.