If people have more time to adjust to a price change,
a. demand becomes more elastic, and supply becomes less elastic
b. demand becomes less elastic, and supply becomes more elastic
c. both supply and demand become less elastic
d. both supply and demand become more elastic
e. elasticity of both demand and supply tends toward unity
D
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Table 7.1 exemplifies the principle of
A) diminishing returns. B) marginal costs. C) full employment equilibrium. D) real vs. nominal costs.
The ________ traces out the points for which total quantity of goods produced equals total quantity of goods demanded
A) LM curve B) IS curve C) consumption function D) investment schedule
The two major types of financial systems are the __________-oriented systems
A) federal- and local B) banking- and markets C) securities- and equities D) contributor- and stockholder
Ellis, a staunch environmentalist, is hired right of graduate school by the Environmental Protection Agency. He is ecstatic about having the opportunity to promote what he believes to be the public interest
Within a few years he gets promoted to manager of his bureau. Shortly after his promotion he successfully argues for a 30 percent increase in his department's budget. How might Ellis benefit personally from an increased budget? Now suppose that it was known to be true that the best thing for the environment was for a large portion of Ellis' budget to be shifted to another department. Why might Ellis fight this change? Why might he not?