During 2009 and 2010, the federal government financed approximately ______ percent of its spending through borrowing. (Fill in the blank)
a. 20
b. 30
c. 40
d. 60
C
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With an income elasticity of demand of 0.5, cigarettes are an example of
a. a normal good b. an inferior good c. irrational demand d. complements to health care e. unitary elasticity
Assume the price of gasoline doubles tonight and remains at that price for the next two years. Compared with the long-run price elasticity of demand for gasoline, the short-run price elasticity of demand for gasoline will be ________.
A. more variable B. higher C. lower D. the same
Critics of stabilization policy argue that
a. there is a lag between the time policy is passed and the time policy has an impact on the economy. b. the impact of policy may last longer than the problem it was designed to offset. c. policy can be a source of, instead of a cure for, economic fluctuations. d. All of the above are correct.
which type of returns to specialization happen when additional units of resources are required to produce each additional unit
What will be an ideal response?